Option traders moderately bearish in Warner Bros. Discovery (WBD), with shares down 26c near $22.77. Options volume roughly in line with average with 91k contracts traded and calls leading puts for a put/call ratio of 0.48, compared to a typical level near 0.56. Implied volatility (IV30) is higher by 2.0 points near 54.21,and above the 52wk median, suggesting an expected daily move of $0.78. Put-call skew steepened, indicating increased demand for downside protection.
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