Moderately bullish activity in Warner Bros. Discovery (WBD), with shares up 76c, or 3.54%, near $22.39. Options volume more than double the daily average with 65k contracts traded and calls leading puts for a put/call ratio of 0.27, compared to a typical level near 0.52. Implied volatility (IV30) dropped 6.13 near 45.32,and below the 52wk median, suggesting an expected daily move of $0.64. Put-call skew flattened, suggesting a modestly bullish tone, following an upgrade to Buy at Rothschild & Co Redburn.Looking ahead: Warner Bros. Discovery (WBD) will report earnings before the open on 2025-11-06.Option markets are pricing in a 50% probability of a move greater than -5.03% or $-1.13.
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