Bearish flow noted in ServiceNow (NOW) with 35,317 puts trading, or 3x expected. Most active are Jan-26 232 puts and Jan-26 154 calls, with total volume in those strikes near 7,500 contracts. The Put/Call Ratio is 2.27, while ATM IV is up nearly 4 points on the day. Earnings are expected on January 28th.
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