Moderately bullish activity in Adobe (ADBE), with shares up $8.90, or 3.27%, near $280.83. Options volume roughly in line with average with 50k contracts traded and calls leading puts for a put/call ratio of 0.97, compared to a typical level near 2.11. Implied volatility (IV30) is higher by 2.0 points near 42.91,and above the 52wk median, suggesting an expected daily move of $7.59. Put-call skew steepened, indicating increased demand for downside protection, following a downgrade to Neutral at Piper Sandler.
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