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Option traders moderately bearish in Merck (MRK), with shares down $-3.23 (-4.02%) near $77.20.

Options volume is roughly in line with average, with 45k contracts traded and puts leading calls for a put/call ratio of 1.05, compared to a typical level near 1.01. Implied volatility (IV30) rose 5.12 to 34.98, in the highest 10% of observations over the past year, suggesting an expected daily move of $1.70. Put-call skew flattened, suggesting a modestly bullish tone.

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