Bearish flow noted in IBM (IBM) with 12,452 puts trading, or 1.7x expected. Most active are Mar-25 237.5 puts and 3/28 weekly 247.5 calls, with total volume in those strikes near 3,200 contracts. The Put/Call Ratio is 1.57, while ATM IV is up over 1 point on the day. Earnings are expected on April 23rd.
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