Bearish flow noted in Warner Bros. Discovery with 16,795 puts trading, or 1.4x expected. Most active are Sep-23 12.5 puts and Mar-23 15.5 calls, with total volume in those strikes near 7,500 contracts. The Put/Call Ratio is 2.06, while ATM IV is up nearly 4 points on the day. Earnings are expected on April 26th.
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Published first on TheFly
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