Bearish flow noted in PG&E (PCG) with 24,377 puts trading, or 20x expected. Most active are Jan-25 20 puts and Sep-25 17 puts, with total volume in those strikes near 22,200 contracts. The Put/Call Ratio is 4.32, while ATM IV is up over 7 points on the day. Earnings are expected on February 20th.
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