Bearish flow noted in Cisco (CSCO) with 11,320 puts trading, or 1.7x expected. Most active are Sep-25 55 puts and Mar-25 65 calls, with total volume in those strikes near 10,200 contracts. The Put/Call Ratio is 5.11, while ATM IV is up over 2 points on the day. Earnings are expected on May 14th.
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