Lumentum put volume heavy and directionally bearish

Bearish flow noted in Lumentum (LITE) with 7,832 puts trading, or 1.8x expected. Most active are Jun-26 800 puts and Jul-26 870 calls, with total volume in those strikes near 2,400 contracts. The Put/Call Ratio is 1.55, while ATM IV is up nearly 2 points on the day. Earnings are expected on August 12th.

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