Bearish flow noted in Carnival (CCL) with 26,932 puts trading, or 1.9x expected. Most active are Jun-25 20 puts and Jun-25 23.5 puts, with total volume in those strikes near 12,100 contracts. The Put/Call Ratio is 2.23, while ATM IV is up nearly 2 points on the day. Earnings are expected on June 24th.
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