Bearish flow noted in Royal Caribbean (RCL) with 9,881 puts trading, or 2x expected. Most active are Jul-25 300 puts and Jul-25 320 puts, with total volume in those strikes near 2,800 contracts. The Put/Call Ratio is 2.99, while ATM IV is up over 2 points on the day. Earnings are expected on July 24th.
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