Bearish flow noted in Norwegian Cruise Lines with 5,205 puts trading, or 1.2x expected. Most active are 4/5 weekly 20.5 puts and 4/5 weekly 21.5 puts, with total volume in those strikes near 1,900 contracts. The Put/Call Ratio is 1.67, while ATM IV is up over 11 points on the day. Earnings are expected on April 29th.
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