Option traders moderately bearish in Warner Bros. Discovery (WBD), with shares down 8c near $28.45. Options volume roughly in line with average with 19k contracts traded and puts leading calls for a put/call ratio of 1.54, compared to a typical level near 0.72. Implied volatility (IV30) dropped 2.55 near 23.68,in the lowest 10% of observations over the past year, suggesting an expected daily move of $0.42. Put-call skew steepened, indicating increased demand for downside protection.
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