Bearish flow noted in Johnson & Johnson with 11,991 puts trading, or 1.4x expected. Most active are 12/30 weekly 175 puts and 12/30 weekly 182.5 calls, with total volume in those strikes near 8,000 contracts. The Put/Call Ratio is 1.90, while ATM IV is up over 1 point on the day. Earnings are expected on January 24th.
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