Option traders moderately bearish in Adobe with shares down 2.2%

Option traders moderately bearish in Adobe (ADBE), with shares down $8.19 near $363.25. Options volume roughly in line with average with 51k contracts traded and calls leading puts for a put/call ratio of 0.84, compared to a typical level near 1.1. Implied volatility (IV30) is higher by 0.3 points near 26.41,and below the 52wk median, suggesting an expected daily move of $6.04. Put-call skew steepened, indicating increased demand for downside protection.