Bearish flow noted in Microchip (MCHP) with 1,587 puts trading, or 1.1x expected. Most active are Jun-25 69 puts and Jun-25 67.5 puts, with total volume in those strikes near 1,500 contracts. The Put/Call Ratio is 5.88, while ATM IV is up over 1 point on the day. Earnings are expected on August 7th.
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