Moderately bullish activity in Snap Inc. with shares up 1.65%

Moderately bullish activity in Snap Inc. (SNAP), with shares up 14c, or 1.65%, near $8.31. Options volume relatively light with 42k contracts traded and calls leading puts for a put/call ratio of 0.26, compared to a typical level near 0.36. Implied volatility (IV30) is higher by 1.0 points near 56.78,and below the 52wk median, suggesting an expected daily move of $0.30. Put-call skew steepened, indicating increased demand for downside protection, following an upgrade to Neutral at Arete.