Moderately bullish activity in Pfizer (PFE), with shares up 32c, or 1.3%, near $25.39. Options volume relatively light with 116k contracts traded and calls leading puts for a put/call ratio of 0.4, compared to a typical level near 0.34. Implied volatility (IV30) is higher by 1.5 points near 28.04,in the top quartile of the past year, suggesting an expected daily move of $0.45. Put-call skew steepened, indicating increased demand for downside protection.
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