Bearish flow noted in Penn National with 2,959 puts trading, or 1.7x expected. Most active are 4/12 weekly 17.5 puts and 4/12 weekly 17 puts, with total volume in those strikes near 3,100 contracts. The Put/Call Ratio is 4.17, while ATM IV is up over 3 points on the day. Earnings are expected on May 2nd.
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