Bearish flow noted in Warner Bros. Discovery with 20,449 puts trading, or 2x expected. Most active are 3/1 weekly 9 puts and Jun-24 7.5 puts, with total volume in those strikes near 16,600 contracts. The Put/Call Ratio is 5.37, while ATM IV is up over 3 points on the day. Earnings are expected on February 22nd.
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