Bearish flow noted in Fedex with 7,150 puts trading, or 1.0x expected. Most active are 9/29 weekly 257.5 puts and 9/29 weekly 260 puts, with total volume in those strikes near 2,000 contracts. The Put/Call Ratio is 2.61, while ATM IV is up over 1 point on the day. Earnings are expected on December 19th.
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