Bearish flow noted in Royal Caribbean (RCL) with 4,981 puts trading, or 2x expected. Most active are Apr-26 300 puts and Jun-26 280 puts, with total volume in those strikes near 2,900 contracts. The Put/Call Ratio is 4.56, while ATM IV is up over 1 point on the day. Earnings are expected on April 28th.
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