Bearish flow noted in UPS with 6,281 puts trading, or 3x expected. Most active are Jul-23 180 puts and 7/14 weekly 182.5 puts, with total volume in those strikes near 2,100 contracts. The Put/Call Ratio is 3.73, while ATM IV is up over 1 point on the day. Earnings are expected on August 8th.
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