Option traders moderately bearish in Cleveland-Cliffs (CLF), with shares down 46c near $8.36. Options volume relatively light with 30k contracts traded and calls leading puts for a put/call ratio of 0.77, compared to a typical level near 0.48. Implied volatility (IV30) is higher by 2.7 points near 73.28,in the top quartile of the past year, suggesting an expected daily move of $0.39. Put-call skew steepened, indicating increased demand for downside protection.Looking ahead: Cleveland-Cliffs (CLF) will report earnings before the open on 2025-07-21.Option markets are pricing in a 50% probability of a move greater than 7.7% or $0.64.
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