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Merck put volume heavy and directionally bearish

Bearish flow noted in Merck (MRK) with 10,338 puts trading, or 1.1x expected. Most active are Jan-25 110 puts and Jan-25 115 puts, with total volume in those strikes near 5,800 contracts. The Put/Call Ratio is 2.24, while ATM IV is up over 1 point on the day. Earnings are expected on February 4th.

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