Bearish flow noted in Arbor Realty with 7,389 puts trading, or 2x expected. Most active are Jul-24 12.5 puts and 2/2 weekly 14 puts, with total volume in those strikes near 5,000 contracts. The Put/Call Ratio is 4.69, while ATM IV is up over 23 points on the day. Earnings are expected on February 16th.
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