Option traders moderately bearish in Adobe (ADBE), with shares down $3.42 near $259.75. Options volume relatively light with 13k contracts traded and calls leading puts for a put/call ratio of 0.31, compared to a typical level near 1.37. Implied volatility (IV30) is higher by 0.5 points near 52.14, in the highest 10% of observations over the past year, suggesting an expected daily move of $8.53. Put-call skew steepened, indicating increased demand for downside protection.
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