Bearish flow noted in United Airlines (UAL) with 6,013 puts trading, or 1.4x expected. Most active are 12/5 weekly 99 puts and 12/12 weekly 99 puts, with total volume in those strikes near 1,600 contracts. The Put/Call Ratio is 1.85, while ATM IV is up over 1 point on the day. Earnings are expected on January 20th.
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