Bearish flow noted in Williams with 1,610 puts trading, or 9x expected. Most active are 5/24 weekly 37.5 puts and Jun-25 40 calls, with total volume in those strikes near 1,600 contracts. The Put/Call Ratio is 1.91, while ATM IV is up over 1 point on the day. Earnings are expected on July 31st.
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