Bearish flow noted in ON Semiconductor with 8,577 puts trading, or 1.6x expected. Most active are 8/2 weekly 61 puts and Jan-25 85 calls, with total volume in those strikes near 6,800 contracts. The Put/Call Ratio is 2.81, while ATM IV is up over 1 point on the day. Earnings are expected on July 29th.
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