Bearish flow noted in American Airlines (AAL) with 12,327 puts trading, or 1.1x expected. Most active are Jan-25 15 puts and Jan-25 17 puts, with total volume in those strikes near 4,200 contracts. The Put/Call Ratio is 1.66, while ATM IV is up over 3 points on the day. Earnings are expected on January 30th.
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