Bearish flow noted in Transocean with 7,746 puts trading, or 1.0x expected. Most active are May-24 5.5 puts and 6/7 weekly 5 puts, with total volume in those strikes near 7,100 contracts. The Put/Call Ratio is 1.54, while ATM IV is up over 1 point on the day. Earnings are expected on July 29th.
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