Bearish flow noted in Transocean with 13,433 puts trading, or 6x expected. Most active are May-23 5.5 puts and Apr-23 6.5 puts, with total volume in those strikes near 12,400 contracts. The Put/Call Ratio is 3.91, while ATM IV is up nearly 2 points on the day. Earnings are expected on May 1st.
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