This could lower the overall average fee level.

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Overall volume in PEP options was roughly three times the average daily level for the stock as of 11:00 a.m.

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After eliminating these sales from the insider sell-to-buy ratio, Mr. Seyhun found that current insider behavior is right in line with its average level of the past 10 years, with implications for the overall market that are no worse than neutral.

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