Bearish flow noted in Kenvue Inc with 38,744 puts trading, or 1.1x expected. Most active are Jan-24 20 puts and 1/5 weekly 20.5 puts, with total volume in those strikes near 35,000 contracts. The Put/Call Ratio is 5.45, while ATM IV is up over 1 point on the day. Earnings are expected on February 1st.
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