Bearish options flow identified in Vale with shares down 6.03%

Bearish options flow identified in Vale (VALE), with shares down $1.02 near $15.96. Options volume roughly in line with average with 69k contracts traded and puts leading calls for a put/call ratio of 1.61, compared to a typical level near 0.89. Implied volatility (IV30) is higher by 2.4 points near 37.82, in the highest 10% of observations over the past year, suggesting an expected daily move of $0.38. Put-call skew steepened, indicating increased demand for downside protection, following a downgrade to Neutral at BofA.