Bearish flow noted in Alcoa with 3,584 puts trading, or 1.8x expected. Most active are May-24 35 puts and 5/10 weekly 31 puts, with total volume in those strikes near 2,100 contracts. The Put/Call Ratio is 1.82, while ATM IV is up over 1 point on the day. Earnings are expected on July 17th.
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