Moderately bullish activity in Shopify (SHOP), with shares up 76c, or 0.58%, near $130.96. Options volume relatively light with 14k contracts traded and calls leading puts for a put/call ratio of 0.63, compared to a typical level near 0.77. Implied volatility (IV30) is higher by 0.7 points near 64.13,in the top quartile of the past year, suggesting an expected daily move of $5.29. Put-call skew steepened, indicating increased demand for downside protection.
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