Moderately bullish activity in Merck (MRK), with shares up $1.41, or 1.44%, near $99.03. Options volume relatively light with 29k contracts traded and calls leading puts for a put/call ratio of 0.29, compared to a typical level near 0.53. Implied volatility (IV30) is higher by 0.4 points near 23.12,in the lowest 10% of observations over the past year, suggesting an expected daily move of $1.44. Put-call skew steepened, indicating increased demand for downside protection.
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