Bearish flow noted in Li Auto (LI) with 2,274 puts trading, or 1.2x expected. Most active are Jul-25 28.5 puts and 8/8 weekly 23 puts, with total volume in those strikes near 990 contracts. The Put/Call Ratio is 1.95, while ATM IV is up over 3 points on the day. Earnings are expected on August 28th.
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