Bearish flow noted in Microchip (MCHP) with 7,305 puts trading, or 1.4x expected. Most active are Jul-25 62.5 puts and Jul-25 45 puts, with total volume in those strikes near 3,800 contracts. The Put/Call Ratio is 1.64, while ATM IV is up over 1 point on the day. Earnings are expected on August 7th.
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