Bearish flow noted in Merck with 13,585 puts trading, or 5x expected. Most active are 7/12 weekly 125 puts and 7/12 weekly 124 puts, with total volume in those strikes near 6,200 contracts. The Put/Call Ratio is 4.09, while ATM IV is up over 1 point on the day. Earnings are expected on July 30th.
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