Bearish flow noted in Williams with 4,588 puts trading, or 6x expected. Most active are 2/23 weekly 33 puts and Feb-24 34.5 calls, with total volume in those strikes near 4,400 contracts. The Put/Call Ratio is 5.21, while ATM IV is up over 1 point on the day. Earnings are expected on February 14th.
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