Options volume is relatively light, with 39k contracts traded and puts leading calls for a put/call ratio of 1.29, compared to a typical level near 0.98. Implied volatility (IV30) rose 1.18 to 30.15,below the median, suggesting an expected daily move of $22.53. Put-call skew steepened, indicating increased demand for downside protection. following a downgrade to Neutral at JPMorgan.
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