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Option traders moderately bearish in Lululemon with shares down 0.23%

Option traders moderately bearish in Lululemon (LULU), with shares down 48c near $205.81. Options volume roughly in line with average with 71k contracts traded and puts leading calls for a put/call ratio of 4.75, compared to a typical level near 1.29. Implied volatility (IV30) dropped 0.77 near 39.84,and below the 52wk median, suggesting an expected daily move of $5.17. Put-call skew steepened, indicating increased demand for downside protection, following an upgrade to Hold at Jefferies.

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