Bearish flow noted in Warner Bros. Discovery (WBD) with 15,609 puts trading, or 3x expected. Most active are 4/4 weekly 9.5 puts and Dec-26 20 calls, with total volume in those strikes near 13,000 contracts. The Put/Call Ratio is 2.82, while ATM IV is up nearly 6 points on the day. Earnings are expected on May 8th.
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