Bearish flow noted in Arbor Realty (ABR) with 3,554 puts trading, or 1.3x expected. Most active are May-25 11 puts and 5/2 weekly 9 puts, with total volume in those strikes near 2,200 contracts. The Put/Call Ratio is 3.56, while ATM IV is up nearly 6 points on the day. Earnings are expected on May 2nd.
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