Bearish flow noted in Norwegian Cruise Line (NCLH)s with 7,824 puts trading, or 1.2x expected. Most active are 3/7 weekly 18.5 puts and Mar-25 23 puts, with total volume in those strikes near 3,200 contracts. The Put/Call Ratio is 1.72, while ATM IV is up over 1 point on the day. Earnings are expected on May 1st.
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