Mixed options sentiment in Warner Bros. Discovery (WBD), with shares up 1c, or 0.04%, near $28.22. Options volume relatively light with 28k contracts traded and calls leading puts for a put/call ratio of 0.26, compared to a typical level near 0.48. Implied volatility (IV30) dropped 1.51 near 28.13,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 Hold at Spin-Off Research.
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