Option traders moderately bearish in Adobe with shares down 3.52%

Option traders moderately bearish in Adobe (ADBE), with shares down $11.53 near $316.12. Options volume roughly in line with average with 16k contracts traded and puts leading calls for a put/call ratio of 1.0, compared to a typical level near 2.3. Implied volatility (IV30) is higher by 1.2 points near 28.9,and below the 52wk median, suggesting an expected daily move of $5.75. Put-call skew flattened, suggesting a modestly bullish tone, following a downgrade to Market Perform at BMO Capital.