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Norwegian Cruise Lines put volume heavy and directionally bearish

Bearish flow noted in Norwegian Cruise Lines with 13,425 puts trading, or 2x expected. Most active are Apr-24 20 puts and Sep-24 19 puts, with total volume in those strikes near 8,900 contracts. The Put/Call Ratio is 3.05, while ATM IV is up over 4 points on the day. Earnings are expected on April 29th.

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