Bearish flow noted in Warner Bros. Discovery (WBD) with 48,554 puts trading, or 3x expected. Most active are Sep-26 21 puts and Sep-26 22 puts, with total volume in those strikes near 47,100 contracts. The Put/Call Ratio is 33.17, while ATM IV is up over 1 point on the day. Earnings are expected on May 7th.
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