Bearish flow noted in Hershey with 1,796 puts trading, or 1.8x expected. Most active are Apr-24 192.5 puts and 3/28 weekly 195 puts, with total volume in those strikes near 1,100 contracts. The Put/Call Ratio is 2.42, while ATM IV is up nearly 2 points on the day. Earnings are expected on May 2nd.
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