Moderately bullish activity in Advanced Micro Devices (AMD), with shares down $1.23 near $175.55. Options volume roughly in line with average with 785k contracts traded and calls leading puts for a put/call ratio of 0.65, compared to a typical level near 0.53. Implied volatility (IV30) is higher by 1.0 points near 54.24,in the top quartile of the past year, suggesting an expected daily move of $6.00. Put-call skew flattened, suggesting a modestly bullish tone, following a downgrade to Sell at DZ Bank.The company will report earnings after the close today. Option markets are pricing in a 50% probability of a move greater than 9.43% or $16.55.
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