Bearish flow noted in On Holding AG with 4,891 puts trading, or 4x expected. Most active are 10/6 weekly 23.5 puts and Oct-23 24.5 puts, with total volume in those strikes near 2,100 contracts. The Put/Call Ratio is 5.53, while ATM IV is up over 2 points on the day. Earnings are expected on November 15th.
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