Option traders moderately bearish in Microsoft (MSFT), with shares down $9.06 near $468.12. Options volume running well above average with 329k contracts traded and calls leading puts for a put/call ratio of 0.47, compared to a typical level near 0.79. Implied volatility (IV30) is higher by 1.7 points near 31.27, in the highest 10% of observations over the past year, suggesting an expected daily move of $9.22. Put-call skew steepened, indicating increased demand for downside protection.Looking ahead: Microsoft (MSFT) will report earnings after the close on None.Option markets are pricing in a 50% probability of a move greater than 0.0% or $0.00.
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