Option traders moderately bearish in Adobe (ADBE), with shares down $21.23 near $272.15. Options volume roughly in line with average with 66k contracts traded and puts leading calls for a put/call ratio of 1.18, compared to a typical level near 2.25. Implied volatility (IV30) is higher by 7.0 points near 40.41,and above the 52wk median, suggesting an expected daily move of $6.93. Put-call skew flattened, suggesting a modestly bullish tone, following a downgrade to Neutral at Piper Sandler.
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