Bearish flow noted in Arbor Realty with 5,213 puts trading, or 2x expected. Most active are 5/3 weekly 11 puts and May-24 13 puts, with total volume in those strikes near 2,000 contracts. The Put/Call Ratio is 5.27, while ATM IV is up over 4 points on the day. Earnings are expected on May 3rd.
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