Bearish options flow identified in Warner Bros. Discovery (WBD), with shares down 10c near $28.75. Options volume roughly in line with average with 153k contracts traded and puts leading calls for a put/call ratio of 1.0, compared to a typical level near 0.61. Implied volatility (IV30) is higher by 9.9 points near 37.34,in the lowest 10% of observations over the past year, suggesting an expected daily move of $0.68. Put-call skew steepened, indicating increased demand for downside protection, following a downgrade to Neutral at Guggenheim.
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