Moderately bullish activity in PayPal (PYPL), with shares up 60c, or 1.32%, near $46.13. Options volume relatively light with 128k contracts traded and calls leading puts for a put/call ratio of 0.35, compared to a typical level near 0.5. Implied volatility (IV30) is higher by 0.3 points near 45.42,in the top quartile of the past year, suggesting an expected daily move of $1.32. Put-call skew steepened, indicating increased demand for downside protection.
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