Bearish flow noted in Royal Caribbean with 2,651 puts trading, or 1.6x expected. Most active are 7/5 weekly 125 puts and 7/5 weekly 155 puts, with total volume in those strikes near 1,000 contracts. The Put/Call Ratio is 2.57, while ATM IV is up over 2 points on the day. Earnings are expected on July 25th.
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