Bearish flow noted in Royal Caribbean with 4,686 puts trading, or 1.9x expected. Most active are Dec-23 75 puts and 10/13 weekly 87 puts, with total volume in those strikes near 2,000 contracts. The Put/Call Ratio is 5.33, while ATM IV is up over 1 point on the day. Earnings are expected on October 26th.
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