Option traders moderately bearish in Warner Bros. Discovery (WBD), with shares up 30c, or 1.06%, near $28.66. Options volume running well above average with 164k contracts traded and puts leading calls for a put/call ratio of 1.19, compared to a typical level near 0.7. Implied volatility (IV30) is higher by 1.1 points near 23.67,in the lowest 10% of observations over the past year, suggesting an expected daily move of $0.43. Put-call skew steepened, indicating increased demand for downside protection.
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