Bearish flow noted in PepsiCo (PEP) with 14,500 puts trading, or 3x expected. Most active are Jul-25 120 puts and Sep-25 140 calls, with total volume in those strikes near 15,300 contracts. The Put/Call Ratio is 3.75, while ATM IV is up over 1 point on the day. Earnings are expected on July 17th.
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