Moderately bullish activity in Netflix with shares down 1.2%

Moderately bullish activity in Netflix (NFLX), with shares down $1.09 near $89.44. Options volume running well above average with 1.02m contracts traded and calls leading puts for a put/call ratio of 0.38, compared to a typical level near 0.89. Implied volatility (IV30) is higher by 0.5 points near 45.36, in the highest 10% of observations over the past year, suggesting an expected daily move of $2.56. Put-call skew flattened, suggesting a modestly bullish tone, following a downgrade to Hold at CFRA.Looking ahead: Netflix (NFLX) will report earnings after the close on 2026-01-20.Option markets are pricing in a 50% probability of a move greater than 6.52% or $5.83.