Mixed options sentiment in Baidu (BIDU), with shares down $4.59 near $121.12. Options volume relatively light with 32k contracts traded and calls leading puts for a put/call ratio of 0.53, compared to a typical level near 0.5. Implied volatility (IV30) dropped 0.51 near 54.46, in the highest 10% of observations over the past year, suggesting an expected daily move of $4.16. Put-call skew flattened, suggesting a modestly bullish tone, following an upgrade to Outperform at Macquarie.
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