Moderately bullish activity in Alibaba with shares up 7.75%

Moderately bullish activity in Alibaba (BABA), with shares up $10.45, or 7.75%, near $145.22. Options volume extremely heavy with 291k contracts traded and calls leading puts for a put/call ratio of 0.19, compared to a typical level near 0.38. Implied volatility (IV30) is higher by 3.2 points near 49.77,in the top quartile of the past year, suggesting an expected daily move of $4.55. Put-call skew steepened, indicating increased demand for downside protection.The company announced earnings before the open on 2026-05-13with option markets having priced in a move of approximately 7.01%.