Moderately bullish activity in Microsoft with shares up 1.93%

Moderately bullish activity in Microsoft (MSFT), with shares up $7.40, or 1.93%, near $391.77. Options volume running well above average with 930k contracts traded and calls leading puts for a put/call ratio of 0.3, compared to a typical level near 0.92. Implied volatility (IV30) is higher by 0.3 points near 38.16, in the highest 10% of observations over the past year, suggesting an expected daily move of $9.42. Put-call skew steepened, indicating increased demand for downside protection.Looking ahead: Microsoft (MSFT) will report earnings after the close on None.Option markets are pricing in a 50% probability of a move greater than 0.0% or $0.00.