Mixed options sentiment in Alibaba with shares down 2.3%

Mixed options sentiment in Alibaba (BABA), with shares down $3.21 near $136.84. Options volume roughly in line with average with 106k contracts traded and calls leading puts for a put/call ratio of 0.28, compared to a typical level near 0.38. Implied volatility (IV30) dropped 1.17 near 47.44,in the top quartile of the past year, suggesting an expected daily move of $4.09. 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 7.72% or $10.56.