Bearish flow noted in ON Semi (ON)conductor with 3,084 puts trading, or 1.0x expected. Most active are Oct-25 48.5 puts and Oct-25 54 calls, with total volume in those strikes near 2,800 contracts. The Put/Call Ratio is 2.21, while ATM IV is up over 1 point on the day. Earnings are expected on November 3rd.
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