Bearish flow noted in Royal Caribbean with 10,392 puts trading, or 1.2x expected. Most active are Jul-23 92.5 puts and Jul-23 90 puts, with total volume in those strikes near 6,100 contracts. The Put/Call Ratio is 1.95, while ATM IV is up over 1 point on the day. Earnings are expected on July 27th.
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