Bearish flow noted in Arbor Realty with 82,034 puts trading, or 17x expected. Most active are Oct-24 10 puts and Aug-24 15 calls, with total volume in those strikes near 15,700 contracts. The Put/Call Ratio is 1.56, while ATM IV is up over 40 points on the day. Earnings are expected on July 26th.
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