Option traders moderately bearish in Warner Bros. Discovery with shares down 0.18%

Option traders moderately bearish in Warner Bros. Discovery (WBD), with shares down 5c near $28.48. Options volume relatively light with 32k contracts traded and calls leading puts for a put/call ratio of 0.82, compared to a typical level near 0.58. Implied volatility (IV30) is higher by 4.0 points near 49.71,and above the 52wk median, suggesting an expected daily move of $0.89. Put-call skew steepened, indicating increased demand for downside protection.