Option traders moderately bearish in Adobe (ADBE), with shares down 76c near $267.62. Options volume relatively light with 39k contracts traded and calls leading puts for a put/call ratio of 1.0, compared to a typical level near 2.13. Implied volatility (IV30) is higher by 3.8 points near 48.56, in the highest 10% of observations over the past year, suggesting an expected daily move of $8.19. Put-call skew steepened, indicating increased demand for downside protection, following a downgrade to Neutral at Piper Sandler.
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