Bearish options flow identified in Netflix (NFLX), with shares down $11.08 near $1219.99. Options volume running well above average with 160k contracts traded and puts leading calls for a put/call ratio of 1.01, compared to a typical level near 0.87. Implied volatility (IV30) is higher by 0.7 points near 42.24,in the top quartile of the past year, suggesting an expected daily move of $32.46. Put-call skew steepened, indicating increased demand for downside protection, following an upgrade to Buy at Seaport Research.Looking ahead: Netflix (NFLX) will report earnings after the close on 2025-10-21.Option markets are pricing in a 50% probability of a move greater than 6.68% or $81.48.
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