The Fly

ON Semiconductor put volume heavy and directionally bearish

Bearish flow noted in ON Semiconductor with 3,006 puts trading, or 1.3x expected. Most active are Jan-23 65 puts and 12/9 weekly 75 calls, with total volume in those strikes near 2,100 contracts. The Put/Call Ratio is 2.43, while ATM IV is up nearly 2 points on the day. Earnings are expected on February 6th.

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