Bearish flow noted in Arbor Realty with 8,302 puts trading, or 1.1x expected. Most active are Oct-24 11 puts and 5/31 weekly 13.5 calls, with total volume in those strikes near 6,000 contracts. The Put/Call Ratio is 4.13, while ATM IV is up over 2 points on the day. Earnings are expected on July 26th.
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