Bearish flow noted in Warner Bros. Discovery (WBD) with 9,973 puts trading, or 2x expected. Most active are Oct-26 25 puts and Oct-26 26 calls, with total volume in those strikes near 11,100 contracts. The Put/Call Ratio is 3.11, while ATM IV is up over 1 point on the day. Earnings are expected on May 7th.
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- Warner Bros. Discovery put volume heavy and directionally bearish