Moderately bullish activity in PayPal (PYPL), with shares down 33c near $68.60. Options volume running well above average with 95k contracts traded and calls leading puts for a put/call ratio of 0.21, compared to a typical level near 0.37. Implied volatility (IV30) is higher by 0.2 points near 47.22, in the highest 10% of observations over the past year, suggesting an expected daily move of $2.04. Put-call skew flattened, suggesting a modestly bullish tone, following a downgrade to Peer Perform at Wolfe Research.
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