Option traders moderately bearish in Cisco (CSCO), with shares down $1.00 near $114.38. Options volume relatively light with 82k contracts traded and calls leading puts for a put/call ratio of 0.51, compared to a typical level near 0.49. Implied volatility (IV30) is higher by 0.1 points near 33.27,in the top quartile of the past year, suggesting an expected daily move of $2.40. Put-call skew steepened, indicating increased demand for downside protection, following an upgrade to Buy at HSBC.
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