Bearish flow noted in On Holding AG with 10,145 puts trading, or 1.6x expected. Most active are Apr-24 22.5 puts and 11/3 weekly 24 puts, with total volume in those strikes near 9,100 contracts. The Put/Call Ratio is 3.85, while ATM IV is up over 1 point on the day. Earnings are expected on November 15th.
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