Option traders moderately bearish in Warner Bros. Discovery (WBD), with shares down 21c near $28.37. Options volume relatively light with 25k contracts traded and calls leading puts for a put/call ratio of 0.64, compared to a typical level near 0.74. Implied volatility (IV30) is higher by 1.6 points near 25.22,in the lowest 10% of observations over the past year, suggesting an expected daily move of $0.45. Put-call skew steepened, indicating increased demand for downside protection.
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