Mixed options sentiment in Alibaba with shares up 1.9%

Mixed options sentiment in Alibaba (BABA), with shares up $2.99, or 1.9%, near $160.70. Options volume roughly in line with average with 116k contracts traded and calls leading puts for a put/call ratio of 0.8, compared to a typical level near 0.45. Implied volatility (IV30) dropped 0.25 near 50.74,in the top quartile of the past year, suggesting an expected daily move of $5.14. Put-call skew steepened, indicating increased demand for downside protection.Looking ahead: Alibaba (BABA) will report earnings before the open on 2025-11-25.Option markets are pricing in a 50% probability of a move greater than 7.04% or $11.31.