Bearish flow noted in Arbor Realty with 2,361 puts trading, or 1.3x expected. Most active are Sep-23 17.5 puts and Jan-24 15 puts, with total volume in those strikes near 1,600 contracts. The Put/Call Ratio is 1.71, while ATM IV is up nearly 5 points on the day. Earnings are expected on November 3rd.
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