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Unilever put volume heavy and directionally bearish

Bearish flow noted in Unilever (UL) with 4,938 puts trading, or 1.8x expected. Most active are Apr-26 55 puts and Jun-26 50 puts, with total volume in those strikes near 2,600 contracts. The Put/Call Ratio is 3.96, while ATM IV is up over 1 point on the day. Earnings are expected on July 28th.

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