Bearish options flow identified in PepsiCo (PEP), with shares down 8c near $128.99. Options volume more than double the daily average with 109k contracts traded and puts leading calls for a put/call ratio of 2.02, compared to a typical level near 0.68. Implied volatility (IV30) is higher by 0.3 points near 26.88, in the highest 10% of observations over the past year, suggesting an expected daily move of $2.18. Put-call skew steepened, indicating increased demand for downside protection.
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