Moderately bullish activity in Pinduoduo with shares up 1.18%

Moderately bullish activity in Pinduoduo (PDD), with shares up $1.58, or 1.18%, near $135.99. Options volume roughly in line with average with 55k contracts traded and calls leading puts for a put/call ratio of 0.21, compared to a typical level near 0.43. Implied volatility (IV30) is higher by 0.7 points near 31.57,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.