Mixed options sentiment in Rivian with shares up 3.27%

Mixed options sentiment in Rivian (RIVN), with shares up 52c, or 3.27%, near $16.59. Options volume running well above average with 147k contracts traded and calls leading puts for a put/call ratio of 0.35, compared to a typical level near 0.42. Implied volatility (IV30) dropped 2.21 near 69.12,and above the 52wk median, suggesting an expected daily move of $0.72. Put-call skew steepened, indicating increased demand for downside protection.The company will report earnings after the close today. Option markets are pricing in a 50% probability of a move greater than 9.5% or $1.58.