Bearish flow noted in Papa John’s with 1,014 puts trading, or 1.2x expected. Most active are Jan-26 42.5 puts and Jul-24 47.5 puts, with total volume in those strikes near 460 contracts. The Put/Call Ratio is 1.79, while ATM IV is up nearly 2 points on the day. Earnings are expected on August 8th.
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