Bearish flow noted in Carnival (CCL) with 20,494 puts trading, or 1.2x expected. Most active are 3/28 weekly 18 puts and 3/28 weekly 21.5 calls, with total volume in those strikes near 15,600 contracts. The Put/Call Ratio is 2.01, while ATM IV is up over 3 points on the day. Earnings are expected on June 25th.
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