Bearish flow noted in Vale (VALE) with 7,323 puts trading, or 1.1x expected. Most active are Jan-25 9 puts and Jan-25 10 calls, with total volume in those strikes near 7,200 contracts. The Put/Call Ratio is 1.64, while ATM IV is up over 2 points on the day. Earnings are expected on February 20th.
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