Bearish flow noted in ON Semiconductor (ON) with 5,769 puts trading, or 1.7x expected. Most active are Jan-25 59 puts and 1/3 weekly 62 puts, with total volume in those strikes near 4,200 contracts. The Put/Call Ratio is 3.17, while ATM IV is up over 3 points on the day. Earnings are expected on January 27th.
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