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Mixed options sentiment in MP Materials with shares up 3.61%

Mixed options sentiment in MP Materials (MP), with shares up $2.44, or 3.61%, near $69.95. Options volume roughly in line with average with 53k contracts traded and calls leading puts for a put/call ratio of 0.58, compared to a typical level near 0.52. Implied volatility (IV30) dropped 1.0 near 76.39,in the top quartile of the past year, suggesting an expected daily move of $3.37. Put-call skew steepened, indicating increased demand for downside protection, following an upgrade to Buy at Jefferies.The company will report earnings after the close today. Option markets are pricing in a 50% probability of a move greater than 7.41% or $5.19.

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