Option traders moderately bearish in Apple with shares down 0.25%

Option traders moderately bearish in Apple (AAPL), with shares down 68c near $264.05. Options volume relatively light with 544k contracts traded and calls leading puts for a put/call ratio of 0.53, compared to a typical level near 0.62. Implied volatility (IV30) is higher by 0.7 points near 27.44,and above the 52wk median, suggesting an expected daily move of $4.56. Put-call skew steepened, indicating increased demand for downside protection.