Moderately bullish activity in Pinduoduo (PDD), with shares up $2.45, or 2.42%, near $103.50. Options volume relatively light with 31k contracts traded and calls leading puts for a put/call ratio of 0.27, compared to a typical level near 1.63. Implied volatility (IV30) is higher by 1.9 points near 36.6,and below the 52wk median, suggesting an expected daily move of $2.39. Put-call skew steepened, indicating increased demand for downside protection.
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