Bearish flow noted in Norwegian Cruise Lines with 21,204 puts trading, or 1.4x expected. Most active are Feb-24 11 puts and 1/5 weekly 17.5 puts, with total volume in those strikes near 5,800 contracts. The Put/Call Ratio is 1.55, while ATM IV is up over 1 point on the day. Earnings are expected on February 27th.
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