Option traders moderately bearish in Microsoft (MSFT), with shares down 62c near $372.26. Options volume relatively light with 359k contracts traded and calls leading puts for a put/call ratio of 0.71, compared to a typical level near 0.98. Implied volatility (IV30) is higher by 1.1 points near 36.76, in the highest 10% of observations over the past year, suggesting an expected daily move of $8.62. Put-call skew steepened, indicating increased demand for downside protection.
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