Bearish flow noted in Warner Bros. Discovery with 11,768 puts trading, or 2x expected. Most active are 3/3 weekly 16 puts and Apr-23 15 calls, with total volume in those strikes near 11,200 contracts. The Put/Call Ratio is 1.84, while ATM IV is up over 1 point on the day. Earnings are expected on April 26th.
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Published first on TheFly
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