Bearish flow noted in Arbor Realty with 11,965 puts trading, or 1.1x expected. Most active are Jan-25 10 puts and Jan-25 11 puts, with total volume in those strikes near 4,300 contracts. The Put/Call Ratio is 2.60, while ATM IV is up nearly 4 points on the day. Earnings are expected on August 2nd.
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