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Moderately bullish activity in Warner Bros. Discovery with shares up 1.75%

Moderately bullish activity in Warner Bros. Discovery (WBD), with shares up 40c, or 1.75%, near $23.00. Options volume roughly in line with average with 64k contracts traded and calls leading puts for a put/call ratio of 0.73, compared to a typical level near 0.51. Implied volatility (IV30) dropped 7.27 near 43.56,and below the 52wk median, suggesting an expected daily move of $0.63. Put-call skew flattened, suggesting a modestly bullish tone, following an upgrade to Buy at Rothschild & Co Redburn.

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