Bearish flow noted in PayPal (PYPL) with 13,238 puts trading, or 4x expected. Most active are Jun-25 72.5 puts and Jun-25 67.5 puts, with total volume in those strikes near 3,300 contracts. The Put/Call Ratio is 1.87, while ATM IV is up nearly 5 points on the day. Earnings are expected on July 29th.
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