Bearish flow noted in Pan American Silver (PAAS) with 4,892 puts trading, or 1.8x expected. Most active are 3/27 weekly 57 puts and 4/2 weekly 56 puts, with total volume in those strikes near 2,600 contracts. The Put/Call Ratio is 2.84, while ATM IV is up nearly 3 points on the day. Earnings are expected on May 5th.
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