Bearish flow noted in Carnival (CCL) with 57,922 puts trading, or 2x expected. Most active are 2/27 weekly 31 puts and 2/27 weekly 32 puts, with total volume in those strikes near 22,600 contracts. The Put/Call Ratio is 3.65, while ATM IV is up over 1 point on the day. Earnings are expected on March 19th.
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