Bearish flow noted in Wells Fargo (WFC) with 53,285 puts trading, or 1.8x expected. Most active are May-25 50 puts and May-25 55 puts, with total volume in those strikes near 21,300 contracts. The Put/Call Ratio is 3.79, while ATM IV is up nearly 3 points on the day. Earnings are expected on July 15th.
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