Bearish flow noted in Trip.com (TCOM) with 1,895 puts trading, or 1.0x expected. Most active are Feb-26 55 puts and Mar-26 50 puts, with total volume in those strikes near 1,700 contracts. The Put/Call Ratio is 9.24, while ATM IV is up over 2 points on the day. Earnings are expected on February 25th.
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