Bearish flow noted in Warner Bros. Discovery with 22,973 puts trading, or 1.3x expected. Most active are Feb-23 12.5 puts and Jan-23 12.5 puts, with total volume in those strikes near 16,000 contracts. The Put/Call Ratio is 2.96, while ATM IV is up over 1 point on the day. Earnings are expected on February 23rd.
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