Option traders moderately bearish in Cisco with shares down 0.31%

Option traders moderately bearish in Cisco (CSCO), with shares down 26c near $83.44. Options volume roughly in line with average with 52k contracts traded and calls leading puts for a put/call ratio of 0.42, compared to a typical level near 0.8. Implied volatility (IV30) is higher by 1.4 points near 28.56,and above the 52wk median, suggesting an expected daily move of $1.50. Put-call skew steepened, indicating increased demand for downside protection.