Bearish flow noted in Norwegian Cruise Line (NCLH)s with 6,405 puts trading, or 1.0x expected. Most active are May-26 17 puts and 4/10 weekly 20 calls, with total volume in those strikes near 5,000 contracts. The Put/Call Ratio is 2.11, while ATM IV is up nearly 4 points on the day. Earnings are expected on April 30th.
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