Option traders moderately bearish in Apple (AAPL), with shares down 22c near $213.66. Options volume relatively light with 321k contracts traded and calls leading puts for a put/call ratio of 0.48, compared to a typical level near 0.43. Implied volatility (IV30) is higher by 0.7 points near 28.57,and above the 52wk median, suggesting an expected daily move of $3.85. Put-call skew steepened, indicating increased demand for downside protection.Looking ahead: Apple (AAPL) will report earnings after the close on 2025-07-31.Option markets are pricing in a 50% probability of a move greater than 4.55% or $9.72.
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