Option traders moderately bearish in Microsoft (MSFT), with shares down $2.67 near $476.20. Options volume roughly in line with average with 155k contracts traded and calls leading puts for a put/call ratio of 0.84, compared to a typical level near 0.65. Implied volatility (IV30) is higher by 0.3 points near 17.1,in the lowest 10% of observations over the past year, suggesting an expected daily move of $5.13. Put-call skew steepened, indicating increased demand for downside protection.
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