Bearish flow noted in Warner Bros. Discovery (WBD) with 12,223 puts trading, or 2x expected. Most active are Mar-25 10.5 puts and Mar-25 11 puts, with total volume in those strikes near 6,100 contracts. The Put/Call Ratio is 3.60, while ATM IV is up nearly 2 points on the day. Earnings are expected on February 27th.
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