Bearish flow noted in Arbor Realty with 8,709 puts trading, or 1.1x expected. Most active are Oct-24 13 puts and Jan-25 16 calls, with total volume in those strikes near 8,100 contracts. The Put/Call Ratio is 2.74, while ATM IV is up over 1 point on the day. Earnings are expected on August 2nd.
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