Bearish flow noted in Cloudflare (NET) with 2,976 puts trading, or 1.1x expected. Most active are May-25 119 puts and Nov-25 75 puts, with total volume in those strikes near 1,400 contracts. The Put/Call Ratio is 2.40, while ATM IV is up nearly 2 points on the day. Earnings are expected on May 8th.
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