Bearish options flow identified in Wal-Mart (WMT), with shares down 82c near $118.88. Options volume more than double the daily average with 183k contracts traded and puts leading calls for a put/call ratio of 1.07, compared to a typical level near 0.73. Implied volatility (IV30) is higher by 2.8 points near 31.02,in the top quartile of the past year, suggesting an expected daily move of $2.32. Put-call skew steepened, indicating increased demand for downside protection.
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