Bearish flow noted in Arbor Realty with 3,754 puts trading, or 1.2x expected. Most active are Sep-23 15 puts and Aug-23 15 puts, with total volume in those strikes near 2,700 contracts. The Put/Call Ratio is 4.04, while ATM IV is up nearly 2 points on the day. Earnings are expected on November 3rd.
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