Bearish flow noted in Arbor Realty with 10,346 puts trading, or 3x expected. Most active are Apr-24 10 puts and Dec-23 11 puts, with total volume in those strikes near 5,400 contracts. The Put/Call Ratio is 5.70, while ATM IV is up nearly 2 points on the day. Earnings are expected on October 27th.
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