Moderately bullish activity in Adobe (ADBE), with shares up $4.11, or 1.22%, near $340.10. Options volume relatively light with 22k contracts traded and calls leading puts for a put/call ratio of 0.45, compared to a typical level near 1.84. Implied volatility (IV30) is higher by 0.5 points near 26.92,in the bottom quartile of the past year, suggesting an expected daily move of $5.77. Put-call skew steepened, indicating increased demand for downside protection, following a downgrade to Hold at Jefferies.
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