Option traders moderately bearish in Warner Bros. Discovery (WBD), with shares down 16c near $28.43. Options volume roughly in line with average with 76k contracts traded and calls leading puts for a put/call ratio of 0.06, compared to a typical level near 0.61. Implied volatility (IV30) is higher by 8.9 points near 48.41,and above the 52wk median, suggesting an expected daily move of $0.87. Put-call skew steepened, indicating increased demand for downside protection.
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