Option traders moderately bearish in Microsoft (MSFT), with shares down $3.10 near $514.83. Options volume roughly in line with average with 252k contracts traded and calls leading puts for a put/call ratio of 0.46, compared to a typical level near 0.53. Implied volatility (IV30) is higher by 1.5 points near 20.91,and below the 52wk median, suggesting an expected daily move of $6.78. Put-call skew steepened, indicating increased demand for downside protection.
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