Bearish flow noted in Warner Bros. Discovery (WBD) with 6,456 puts trading, or 1.4x expected. Most active are Dec-26 20 puts and Jan-27 20 puts, with total volume in those strikes near 6,200 contracts. The Put/Call Ratio is 3.13, while ATM IV is up nearly 2 points on the day. Earnings are expected on May 7th.
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