Bearish flow noted in Philip Morris with 4,086 puts trading, or 1.1x expected. Most active are Dec-24 110 puts and 10/25 weekly 125 calls, with total volume in those strikes near 2,100 contracts. The Put/Call Ratio is 1.56, while ATM IV is up nearly 2 points on the day. Earnings are expected on October 22nd.
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