Mixed options sentiment in Warner Bros. Discovery (WBD), with shares up 69c, or 4.04%, near $17.79. Options volume relatively light with 78k contracts traded and calls leading puts for a put/call ratio of 0.5, compared to a typical level near 0.58. Implied volatility (IV30) dropped 0.67 near 76.09, in the highest 10% of observations over the past year, suggesting an expected daily move of $0.85. Put-call skew steepened, indicating increased demand for downside protection.
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