Moderately bullish activity in Arm Holdings PLC (ARM), with shares up $8.71, or 5.85%, near $157.63. Options volume roughly in line with average with 75k contracts traded and calls leading puts for a put/call ratio of 0.39, compared to a typical level near 0.67. Implied volatility (IV30) is higher by 2.8 points near 68.67, in the highest 10% of observations over the past year, suggesting an expected daily move of $6.82. Put-call skew steepened, indicating increased demand for downside protection, following a downgrade to Equal Weight at Morgan Stanley.
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