Bearish flow noted in 3M (MMM) with 5,256 puts trading, or 1.6x expected. Most active are Jan-27 65 puts and 2/28 weekly 138 puts, with total volume in those strikes near 3,200 contracts. The Put/Call Ratio is 1.95, while ATM IV is up over 1 point on the day. Earnings are expected on April 29th.
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