Mixed options sentiment in Warner Bros. Discovery with shares up 0.81%

Mixed options sentiment in Warner Bros. Discovery (WBD), with shares up 22c, or 0.81%, near $28.02. Options volume relatively light with 18k contracts traded and calls leading puts for a put/call ratio of 0.52, compared to a typical level near 1.34. Implied volatility (IV30) dropped 4.18 near 30.16,in the lowest 10% of observations over the past year, suggesting an expected daily move of $0.53. Put-call skew steepened, indicating increased demand for downside protection.Looking ahead: Warner Bros. Discovery (WBD) will report earnings before the open on 2026-02-26.Option markets are pricing in a 50% probability of a move greater than -5.03% or $-1.41.