Mixed options sentiment in Cisco with shares down 3.1%

Mixed options sentiment in Cisco (CSCO), with shares down $2.92 near $91.38. Options volume running well above average with 42k contracts traded and calls leading puts for a put/call ratio of 0.7, compared to a typical level near 0.54. Implied volatility (IV30) dropped 0.66 near 37.2, in the highest 10% of observations over the past year, suggesting an expected daily move of $2.14. Put-call skew steepened, indicating increased demand for downside protection.Looking ahead: Cisco (CSCO) will report earnings after the close on 2026-05-13.Option markets are pricing in a 50% probability of a move greater than 6.9% or $6.30.