Bearish flow noted in Arbor Realty with 8,257 puts trading, or 2x expected. Most active are Jul-24 12.5 puts and Jan-26 5 puts, with total volume in those strikes near 4,600 contracts. The Put/Call Ratio is 3.99, while ATM IV is up nearly 3 points on the day. Earnings are expected on July 26th.
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