Bearish options flow identified in IBM (IBM), with shares down $1.46 near $250.14. Options volume more than double the daily average with 99k contracts traded and puts leading calls for a put/call ratio of 11.21, compared to a typical level near 2.71. Implied volatility (IV30) is higher by 1.0 points near 35.9,and above the 52wk median, suggesting an expected daily move of $5.66. Put-call skew steepened, indicating increased demand for downside protection.
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