Bearish flow noted in Altria Group (MO) with 11,600 puts trading, or 3x expected. Most active are Mar-25 50 puts and Feb-25 55 calls, with total volume in those strikes near 9,900 contracts. The Put/Call Ratio is 1.92, while ATM IV is up over 1 point on the day. Earnings are expected on January 30th.
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