Options volume is running well above average, with 86k contracts traded and puts leading calls for a put/call ratio of 2.33, compared to a typical level near 1.0. Implied volatility (IV30) rose 1.17 to 37.07, in the highest 10% of observations over the past year, suggesting an expected daily move of $1.72. Put-call skew steepened, indicating increased demand for downside protection. following a downgrade to Neutral at Citi.
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