Bearish flow noted in Morgan Stanley with 5,290 puts trading, or 1.6x expected. Most active are Dec-22 87 puts and 12/9 weekly 89 puts, with total volume in those strikes near 1,900 contracts. The Put/Call Ratio is 1.86, while ATM IV is up nearly 2 points on the day. Earnings are expected on January 17th.
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