Mixed options sentiment in Warner Bros. Discovery (WBD), with shares down 64c near $28.16. Options volume extremely heavy with 664k contracts traded and puts leading calls for a put/call ratio of 6.33, compared to a typical level near 1.42. Implied volatility (IV30) dropped 13.0 near 10.67,in the lowest 10% of observations over the past year, suggesting an expected daily move of $0.19. Put-call skew flattened, suggesting a modestly bullish tone, following a downgrade to Hold at Deutsche Bank.
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