Mixed options sentiment in Alibaba with shares down 0.6%

Mixed options sentiment in Alibaba (BABA), with shares down 84c near $140.59. Options volume roughly in line with average with 109k contracts traded and calls leading puts for a put/call ratio of 0.38, compared to a typical level near 0.39. Implied volatility (IV30) dropped 0.54 near 48.96,in the top quartile of the past year, suggesting an expected daily move of $4.34. Put-call skew flattened, suggesting a modestly bullish tone.Looking ahead: Alibaba (BABA) will report earnings before the open on 2026-05-13.Option markets are pricing in a 50% probability of a move greater than 5.86% or $8.24.