Moderately bullish activity in Microsoft with shares up 2.25%

Moderately bullish activity in Microsoft (MSFT), with shares up $10.58, or 2.25%, near $480.86. Options volume roughly in line with average with 393k contracts traded and calls leading puts for a put/call ratio of 0.48, compared to a typical level near 0.8. Implied volatility (IV30) is higher by 0.5 points near 32.42, in the highest 10% of observations over the past year, suggesting an expected daily move of $9.82. Put-call skew steepened, indicating increased demand for downside protection.Looking ahead: Microsoft (MSFT) will report earnings after the close on 2026-01-28.Option markets are pricing in a 50% probability of a move greater than 7.59% or $36.49.