Option traders moderately bearish in Warner Bros. Discovery (WBD), with shares down 16c near $27.80. Options volume relatively light with 3639 contracts traded and calls leading puts for a put/call ratio of 0.66, compared to a typical level near 3.14. Implied volatility (IV30) is higher by 0.3 points near 10.53,in the lowest 10% of observations over the past year, suggesting an expected daily move of $0.18. Put-call skew steepened, indicating increased demand for downside protection.
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