Mixed options sentiment in Alibaba (BABA), with shares down $5.66 near $165.27. Options volume running well above average with 255k contracts traded and calls leading puts for a put/call ratio of 0.53, compared to a typical level near 1.04. Implied volatility (IV30) dropped 2.64 near 41.43,and below the 52wk median, suggesting an expected daily move of $4.31. Put-call skew steepened, indicating increased demand for downside protection.
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