Bearish flow noted in Applied Optoelectronics (AAOI) with 15,552 puts trading, or 27x expected. Most active are Dec-24 30 puts and Mar-25 40 puts, with total volume in those strikes near 14,400 contracts. The Put/Call Ratio is 2.81, while ATM IV is up over 7 points on the day. Earnings are expected on February 26th.
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