Bearish flow noted in Penn National with 1,835 puts trading, or 3x expected. Most active are 5/26 weekly 22 puts and Oct-23 32.5 calls, with total volume in those strikes near 510 contracts. The Put/Call Ratio is 1.58, while ATM IV is up over 1 point on the day. Earnings are expected on May 4th.
Published first on TheFly
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