Bearish options flow identified in Carnival (CCL), with shares down 40c near $26.77. Options volume roughly in line with average with 37k contracts traded and puts leading calls for a put/call ratio of 2.74, compared to a typical level near 0.88. Implied volatility (IV30) is higher by 1.2 points near 55.09,in the top quartile of the past year, suggesting an expected daily move of $0.93. Put-call skew steepened, indicating increased demand for downside protection.
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