Bearish flow noted in Norwegian Cruise Line (NCLH)s with 3,470 puts trading, or 1.6x expected. Most active are Jun-25 18 puts and Jun-25 17.5 puts, with total volume in those strikes near 2,400 contracts. The Put/Call Ratio is 1.74, while ATM IV is up over 1 point on the day. Earnings are expected on July 31st.
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