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ON Semiconductor put volume heavy and directionally bearish

Bearish flow noted in ON Semiconductor with 5,451 puts trading, or 1.3x expected. Most active are Oct-24 50 puts and Sep-24 60 puts, with total volume in those strikes near 2,700 contracts. The Put/Call Ratio is 3.57, while ATM IV is up over 6 points on the day. Earnings are expected on October 28th.

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