Bearish flow noted in Arbor Realty with 5,515 puts trading, or 2x expected. Most active are Aug-23 15 puts and Oct-23 12.5 puts, with total volume in those strikes near 4,700 contracts. The Put/Call Ratio is 8.74, while ATM IV is up over 3 points on the day. Earnings are expected on July 28th.
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