Bearish flow noted in Norwegian Cruise Lines with 6,635 puts trading, or 1.4x expected. Most active are 8/4 weekly 18 puts and 7/28 weekly 20.5 calls, with total volume in those strikes near 5,500 contracts. The Put/Call Ratio is 2.05, while ATM IV is up over 1 point on the day. Earnings are expected on August 1st.
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