Bearish flow noted in Norwegian Cruise Lines with 14,678 puts trading, or 2x expected. Most active are 4/26 weekly 19 puts and 4/26 weekly 19.5 puts, with total volume in those strikes near 8,700 contracts. The Put/Call Ratio is 1.96, while ATM IV is up nearly 2 points on the day. Earnings are expected on May 1st.
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