Bearish flow noted in Warner Bros. Discovery with 75,478 puts trading, or 4x expected. Most active are 5/10 weekly 7 puts and 4/26 weekly 9 calls, with total volume in those strikes near 73,600 contracts. The Put/Call Ratio is 5.98, while ATM IV is up over 1 point on the day. Earnings are expected on May 9th.
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