Bearish flow noted in Norwegian Cruise Line (NCLH)s with 7,919 puts trading, or 5x expected. Most active are 1/10 weekly 22.5 puts and 1/31 weekly 20 puts, with total volume in those strikes near 4,900 contracts. The Put/Call Ratio is 3.15, while ATM IV is up nearly 2 points on the day. Earnings are expected on February 25th.
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