Mixed options sentiment in Warner Bros. Discovery (WBD), with shares down 44c near $28.45. Options volume relatively light with 68k contracts traded and calls leading puts for a put/call ratio of 0.66, compared to a typical level near 0.59. Implied volatility (IV30) dropped 2.54 near 27.8,in the lowest 10% of observations over the past year, suggesting an expected daily move of $0.50. Put-call skew steepened, indicating increased demand for downside protection.
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