Moderately bullish activity in Pinduoduo with shares up 1.13%

Moderately bullish activity in Pinduoduo (PDD), with shares up $1.45, or 1.13%, near $128.84. Options volume roughly in line with average with 82k contracts traded and calls leading puts for a put/call ratio of 0.41, compared to a typical level near 0.45. Implied volatility (IV30) is higher by 0.6 points near 33.3,in the lowest 10% of observations over the past year, suggesting an expected daily move of $2.70. Put-call skew steepened, indicating increased demand for downside protection.