Bearish flow noted in Vale (VALE) with 8,883 puts trading, or 1.5x expected. Most active are Jan-27 10 puts and Jan-27 8 puts, with total volume in those strikes near 8,100 contracts. The Put/Call Ratio is 1.51, while ATM IV is up over 3 points on the day. Earnings are expected on April 24th.
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