Bearish flow noted in Alcoa (AA) with 16,645 puts trading, or 4x expected. Most active are Mar-25 31 puts and Mar-25 35 calls, with total volume in those strikes near 12,400 contracts. The Put/Call Ratio is 2.76, while ATM IV is up nearly 4 points on the day. Earnings are expected on April 23rd.
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