Bearish flow noted in Microchip with 1,177 puts trading, or 1.4x expected. Most active are Aug-24 85 puts and Sep-24 87.5 puts, with total volume in those strikes near 1,100 contracts. The Put/Call Ratio is 1.62, while ATM IV is up over 1 point on the day. Earnings are expected on August 1st.
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