Mixed options sentiment in Adobe (ADBE), with shares down $7.54 near $331.50. Options volume relatively light with 13k contracts traded and calls leading puts for a put/call ratio of 0.98, compared to a typical level near 2.14. Implied volatility (IV30) dropped 0.37 near 26.92,in the bottom quartile of the past year, suggesting an expected daily move of $5.62. Put-call skew steepened, indicating increased demand for downside protection, following a downgrade to Market Perform at BMO Capital.
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