Bearish flow noted in Transocean (RIG) with 29,615 puts trading, or 12x expected. Most active are Jan-27 5 puts and 4/2 weekly 7 puts, with total volume in those strikes near 28,200 contracts. The Put/Call Ratio is 2.04, while ATM IV is up over 2 points on the day. Earnings are expected on May 4th.
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