Moderately bullish activity in PayPal with shares up 3.48%

Moderately bullish activity in PayPal (PYPL), with shares up $1.67, or 3.48%, near $49.64. Options volume running well above average with 100k contracts traded and calls leading puts for a put/call ratio of 0.17, compared to a typical level near 0.58. Implied volatility (IV30) is higher by 0.7 points near 51.92, in the highest 10% of observations over the past year, suggesting an expected daily move of $1.62. Put-call skew steepened, indicating increased demand for downside protection.Looking ahead: PayPal (PYPL) 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.