Bearish flow noted in Southwest (LUV) with 14,180 puts trading, or 1.6x expected. Most active are Aug-25 37.5 puts and Aug-25 35 puts, with total volume in those strikes near 9,700 contracts. The Put/Call Ratio is 6.13, while ATM IV is up over 1 point on the day. Earnings are expected on July 24th.
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