Bearish flow noted in United Airlines (UAL) with 5,290 puts trading, or 1.6x expected. Most active are Feb-26 105 puts and Jan-26 112 puts, with total volume in those strikes near 1,300 contracts. The Put/Call Ratio is 2.60, while ATM IV is up over 4 points on the day. Earnings are expected on January 20th.
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