Moderately bullish activity in Cisco with shares up 0.54%

Moderately bullish activity in Cisco (CSCO), with shares up 48c, or 0.54%, near $90.18. Options volume roughly in line with average with 39k contracts traded and calls leading puts for a put/call ratio of 0.43, compared to a typical level near 0.66. Implied volatility (IV30) is higher by 0.2 points near 37.28, in the highest 10% of observations over the past year, suggesting an expected daily move of $2.12. Put-call skew steepened, indicating increased demand for downside protection.