Bearish flow noted in Southwest (LUV) with 26,194 puts trading, or 3x expected. Most active are Apr-25 34 puts and Apr-25 32.5 puts, with total volume in those strikes near 10,300 contracts. The Put/Call Ratio is 2.85, while ATM IV is up over 5 points on the day. Earnings are expected on April 24th.
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