Bearish flow noted in PG&E (PCG) with 3,815 puts trading, or 1.9x expected. Most active are Jan-26 13 puts and Dec-25 14.5 puts, with total volume in those strikes near 3,400 contracts. The Put/Call Ratio is 4.16, while ATM IV is up over 7 points on the day. Earnings are expected on February 19th.
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