Mixed options sentiment in Warner Bros. Discovery (WBD), with shares up 38c, or 1.35%, near $28.62. Options volume relatively light with 14k contracts traded and calls leading puts for a put/call ratio of 0.74, compared to a typical level near 0.71. Implied volatility (IV30) dropped 4.02 near 27.52,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, following a downgrade to Neutral at Guggenheim.
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