Option traders moderately bearish in Adobe with shares down 4.93%

Option traders moderately bearish in Adobe (ADBE), with shares down $12.76 near $245.85. Options volume roughly in line with average with 42k contracts traded and calls leading puts for a put/call ratio of 0.77, compared to a typical level near 1.72. Implied volatility (IV30) is higher by 5.3 points near 56.44, in the highest 10% of observations over the past year, suggesting an expected daily move of $8.74. Put-call skew steepened, indicating increased demand for downside protection.Looking ahead: Adobe (ADBE) will report earnings after the close on None.Option markets are pricing in a 50% probability of a move greater than 0.0% or $0.00.