Bearish flow noted in Lennar with 5,408 puts trading, or 3x expected. Most active are Jan-25 100 puts and 7/7 weekly 118 puts, with total volume in those strikes near 1,300 contracts. The Put/Call Ratio is 5.06, while ATM IV is up nearly 3 points on the day. Earnings are expected on September 20th.
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