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Pony AI Inc (ADR) put volume heavy and directionally bearish

Bearish flow noted in Pony AI (PONY) Inc (ADR) with 2,685 puts trading, or 1.1x expected. Most active are Nov-25 12 puts and Nov-25 12.5 puts, with total volume in those strikes near 2,000 contracts. The Put/Call Ratio is 2.38, while ATM IV is up over 10 points on the day. Earnings are expected on November 25th.

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