Mixed options sentiment in Pinduoduo (PDD), with shares down $1.14 near $97.33. Options volume relatively light with 20k contracts traded and calls leading puts for a put/call ratio of 0.65, compared to a typical level near 0.63. Implied volatility (IV30) dropped 0.16 near 43.84,in the top quartile of the past year, suggesting an expected daily move of $2.69. Put-call skew steepened, indicating increased demand for downside protection.
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