Bearish options flow identified in Pinduoduo (PDD), with shares down 30c near $112.62. Options volume relatively light with 28k contracts traded and puts leading calls for a put/call ratio of 1.13, compared to a typical level near 0.67. Implied volatility (IV30) is higher by 0.2 points near 32.85,in the bottom quartile of the past year, suggesting an expected daily move of $2.33. Put-call skew steepened, indicating increased demand for downside protection, following a downgrade to Market Perform at Bernstein.
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