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International Paper put volume heavy and directionally bearish

Bearish flow noted in International Paper with 4,227 puts trading, or 5x expected. Most active are 4/26 weekly 38 puts and May-24 37.5 puts, with total volume in those strikes near 3,900 contracts. The Put/Call Ratio is 25.77, while ATM IV is up nearly 3 points on the day. Earnings are expected on April 25th.

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