Moderately bullish activity in Wal-Mart (WMT), with shares up $5.07, or 4.96%, near $107.19. Options volume extremely heavy with 428k contracts traded and calls leading puts for a put/call ratio of 0.34, compared to a typical level near 0.51. Implied volatility (IV30) is higher by 0.6 points near 23.67,and above the 52wk median, suggesting an expected daily move of $1.60. Put-call skew steepened, indicating increased demand for downside protection.
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