Bearish flow noted in Union Pacific with 1,230 puts trading, or 1.3x expected. Most active are 6/28 weekly 220 puts and 7/5 weekly 217.5 puts, with total volume in those strikes near 980 contracts. The Put/Call Ratio is 2.39, while ATM IV is up over 1 point on the day. Earnings are expected on August 1st.
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