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Dropbox put volume heavy and directionally bearish

Bearish flow noted in Dropbox with 4,220 puts trading, or 4x expected. Most active are Jul-23 27 puts and Nov-23 28 puts, with total volume in those strikes near 4,000 contracts. The Put/Call Ratio is 10.39, while ATM IV is up nearly 3 points on the day. Earnings are expected on August 3rd.

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