Option traders moderately bearish in Warner Bros. Discovery (WBD), with shares down 6c near $21.09. Options volume relatively light with 63k contracts traded and calls leading puts for a put/call ratio of 0.44, compared to a typical level near 0.58. Implied volatility (IV30) is higher by 3.5 points near 43.15,and below the 52wk median, suggesting an expected daily move of $0.57. Put-call skew steepened, indicating increased demand for downside protection.Looking ahead: Warner Bros. Discovery (WBD) will report earnings before the open on 2025-11-06.Option markets are pricing in a 50% probability of a move greater than 6.45% or $1.36.
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