Bearish flow noted in Carnival (CCL) with 10,426 puts trading, or 1.0x expected. Most active are 5/23 weekly 21.5 puts and 5/23 weekly 22 puts, with total volume in those strikes near 7,000 contracts. The Put/Call Ratio is 1.94, while ATM IV is up nearly 2 points on the day. Earnings are expected on June 25th.
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