Bearish flow noted in Xerox (XRX) with 2,057 puts trading, or 3x expected. Most active are Jan-27 5 puts and Aug-25 6 calls, with total volume in those strikes near 2,100 contracts. The Put/Call Ratio is 6.74, while ATM IV is up over 1 point on the day. Earnings are expected on July 31st.
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