Mixed options sentiment in Carnival with shares up 1.43%

Mixed options sentiment in Carnival (CCL), with shares up 36c, or 1.43%, near $25.84. Options volume roughly in line with average with 54k contracts traded and calls leading puts for a put/call ratio of 0.9, compared to a typical level near 1.6. Implied volatility (IV30) dropped 1.6 near 59.42,in the top quartile of the past year, suggesting an expected daily move of $0.97. Put-call skew steepened, indicating increased demand for downside protection, following an upgrade to Overweight at Morgan Stanley.Looking ahead: Carnival (CCL) will report earnings before the open on 2026-03-27.Option markets are pricing in a 50% probability of a move greater than 7.97% or $2.06.