Option traders moderately bearish in Apple (AAPL), with shares down $6.97 near $266.07. Options volume running well above average with 1.30m contracts traded and calls leading puts for a put/call ratio of 0.63, compared to a typical level near 0.66. Implied volatility (IV30) is higher by 1.1 points near 29.05,in the top quartile of the past year, suggesting an expected daily move of $4.87. Put-call skew steepened, indicating increased demand for downside protection, following an upgrade to Outperform at BNP Paribas.Looking ahead: Apple (AAPL) will report earnings after the close on 2026-04-30.Option markets are pricing in a 50% probability of a move greater than 6.24% or $16.59.
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