Bearish flow noted in Apollo Global (APO) with 5,756 puts trading, or 5x expected. Most active are Dec-25 120 puts and Jan-26 85 puts, with total volume in those strikes near 3,400 contracts. The Put/Call Ratio is 5.47, while ATM IV is up over 1 point on the day. Earnings are expected on November 4th.
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