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Starbucks put volume heavy and directionally bearish

Bearish flow noted in Starbucks (SBUX) with 34,129 puts trading, or 1.1x expected. Most active are Jan-26 115 puts and Jan-26 110 puts, with total volume in those strikes near 10,000 contracts. The Put/Call Ratio is 1.58, while ATM IV is up over 1 point on the day. Earnings are expected on January 27th.

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