Moderately bullish activity in Alibaba with shares up 2.32%

Moderately bullish activity in Alibaba (BABA), with shares up $3.05, or 2.32%, near $134.55. Options volume roughly in line with average with 74k contracts traded and calls leading puts for a put/call ratio of 0.43, compared to a typical level near 0.46. Implied volatility (IV30) is higher by 1.9 points near 47.99,in the top quartile of the past year, suggesting an expected daily move of $4.07. Put-call skew steepened, indicating increased demand for downside protection.Looking ahead: Alibaba (BABA) will report earnings before the open on 2026-05-13.Option markets are pricing in a 50% probability of a move greater than 6.41% or $8.62.