Bearish flow noted in Arbor Realty with 3,050 puts trading, or 2x expected. Most active are Apr-24 12 puts and Apr-24 12.5 puts, with total volume in those strikes near 1,900 contracts. The Put/Call Ratio is 5.68, while ATM IV is up over 2 points on the day. Earnings are expected on May 3rd.
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