Bearish flow noted in Arbor Realty with 15,790 puts trading, or 4x expected. Most active are 5/10 weekly 12.5 puts and May-24 12 puts, with total volume in those strikes near 13,700 contracts. The Put/Call Ratio is 9.22, while ATM IV is up over 7 points on the day. Earnings are expected on May 3rd.
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