Bearish flow noted in Southwest (LUV) with 7,369 puts trading, or 1.0x expected. Most active are Aug-25 20 puts and Oct-25 20 puts, with total volume in those strikes near 4,200 contracts. The Put/Call Ratio is 2.09, while ATM IV is up over 3 points on the day. Earnings are expected on April 24th.
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