Bearish flow noted in Royal Caribbean with 5,228 puts trading, or 1.8x expected. Most active are 7/12 weekly 125 puts and 7/12 weekly 130 puts, with total volume in those strikes near 2,600 contracts. The Put/Call Ratio is 1.64, while ATM IV is up over 1 point on the day. Earnings are expected on July 25th.
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