Moderately bullish activity in Cisco with shares up 0.2%

Moderately bullish activity in Cisco (CSCO), with shares up 14c, or 0.2%, near $66.89. Options volume relatively light with 39k contracts traded and calls leading puts for a put/call ratio of 0.28, compared to a typical level near 0.7. Implied volatility (IV30) is higher by 0.2 points near 19.61,and below the 52wk median, suggesting an expected daily move of $0.83. Put-call skew steepened, indicating increased demand for downside protection, following a downgrade to Hold at HSBC.