Option traders moderately bearish in Warner Bros. Discovery with shares down 0.66%

Option traders moderately bearish in Warner Bros. Discovery (WBD), with shares down 18c near $27.80. Options volume roughly in line with average with 43k contracts traded and puts leading calls for a put/call ratio of 2.18, compared to a typical level near 1.38. Implied volatility (IV30) is higher by 4.2 points near 43.09,and below the 52wk median, suggesting an expected daily move of $0.75. Put-call skew flattened, suggesting a modestly bullish tone.Looking ahead: Warner Bros. Discovery (WBD) will report earnings before the open on 2026-02-26.Option markets are pricing in a 50% probability of a move greater than -5.03% or $-1.40.