Mixed options sentiment in PepsiCo with shares up 2.5%

Mixed options sentiment in PepsiCo (PEP), with shares up $3.31, or 2.5%, near $135.34. Options volume running well above average with 119k contracts traded and calls leading puts for a put/call ratio of 0.32, compared to a typical level near 0.6. Implied volatility (IV30) dropped 3.58 near 25.95, in the highest 10% of observations over the past year, suggesting an expected daily move of $2.21. Put-call skew steepened, indicating increased demand for downside protection.Looking ahead: PepsiCo (PEP) will report earnings after the close on None.Option markets are pricing in a 50% probability of a move greater than 0.0% or $0.00.