Moderately bullish activity in Pfizer with shares up 1.1%

Moderately bullish activity in Pfizer (PFE), with shares up 28c, or 1.1%, near $25.18. Options volume relatively light with 102k contracts traded and calls leading puts for a put/call ratio of 0.42, compared to a typical level near 0.54. Implied volatility (IV30) is higher by 1.9 points near 20.61,in the bottom quartile of the past year, suggesting an expected daily move of $0.33. Put-call skew steepened, indicating increased demand for downside protection.