Bearish flow noted in Microchip (MCHP) with 6,682 puts trading, or 3x expected. Most active are Sep-25 47.5 puts and Aug-25 60 calls, with total volume in those strikes near 5,000 contracts. The Put/Call Ratio is 3.96, while ATM IV is up over 4 points on the day. Earnings are expected on August 7th.
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