Bearish flow noted in PG&E (PCG) with 3,225 puts trading, or 1.2x expected. Most active are Dec-25 15.5 puts and Jan-26 15 puts, with total volume in those strikes near 2,700 contracts. The Put/Call Ratio is 1.78, while ATM IV is up over 3 points on the day. Earnings are expected on February 19th.
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