Moderately bullish activity in Baidu (BIDU), with shares up $3.19, or 2.62%, near $124.88. Options volume relatively light with 31k contracts traded and calls leading puts for a put/call ratio of 0.51, compared to a typical level near 0.49. Implied volatility (IV30) dropped 1.96 near 55.04, in the highest 10% of observations over the past year, suggesting an expected daily move of $4.33. Put-call skew flattened, suggesting a modestly bullish tone, following an upgrade to Outperform at Macquarie.
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