Moderately bullish activity in PayPal (PYPL), with shares up $2.31, or 5.12%, near $47.55. Options volume running well above average with 133k contracts traded and calls leading puts for a put/call ratio of 0.21, compared to a typical level near 0.61. Implied volatility (IV30) is higher by 2.8 points near 53.32, in the highest 10% of observations over the past year, suggesting an expected daily move of $1.60. Put-call skew steepened, indicating increased demand for downside protection.
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