Mixed options sentiment in Carnival (CCL), with shares up $1.86, or 7.73%, near $25.98. Options volume more than double the daily average with 63k contracts traded and calls leading puts for a put/call ratio of 0.68, compared to a typical level near 1.63. Implied volatility (IV30) dropped 3.14 near 60.15, in the highest 10% of observations over the past year, suggesting an expected daily move of $0.98. 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 7.25% or $1.88.
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