Bearish options flow identified in Adobe (ADBE), with shares down $1.48 near $246.68. Options volume running well above average with 34k contracts traded and puts leading calls for a put/call ratio of 1.06, compared to a typical level near 1.02. Implied volatility (IV30) is higher by 1.6 points near 41.46,and above the 52wk median, suggesting an expected daily move of $6.44. Put-call skew steepened, indicating increased demand for downside protection.
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