Mixed options sentiment in Cisco (CSCO), with shares up 1c, or 0.01%, near $118.22. Options volume roughly in line with average with 95k contracts traded and calls leading puts for a put/call ratio of 0.49, compared to a typical level near 0.48. Implied volatility (IV30) dropped 1.27 near 35.05, in the highest 10% of observations over the past year, suggesting an expected daily move of $2.61. Put-call skew steepened, indicating increased demand for downside protection, following an upgrade to Buy at HSBC.
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