Option traders moderately bearish in Cisco (CSCO), with shares down 57c near $76.37. Options volume relatively light with 16k contracts traded and calls leading puts for a put/call ratio of 0.67, compared to a typical level near 0.56. Implied volatility (IV30) is higher by 0.3 points near 19.65,and below the 52wk median, suggesting an expected daily move of $0.95. Put-call skew steepened, indicating increased demand for downside protection.
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