Moderately bullish activity in Baidu (BIDU), with shares up $3.17, or 2.24%, near $145.18. Options volume roughly in line with average with 97k contracts traded and calls leading puts for a put/call ratio of 0.48, compared to a typical level near 0.44. Implied volatility (IV30) is higher by 4.1 points near 54.93, in the highest 10% of observations over the past year, suggesting an expected daily move of $5.02. Put-call skew steepened, indicating increased demand for downside protection.
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