Option traders moderately bearish in Microsoft (MSFT), with shares down $11.78 near $521.73. Options volume more than double the daily average with 386k contracts traded and calls leading puts for a put/call ratio of 0.72, compared to a typical level near 0.72. Implied volatility (IV30) is higher by 0.8 points near 20.14,and below the 52wk median, suggesting an expected daily move of $6.62. Put-call skew steepened, indicating increased demand for downside protection, following an upgrade to Overweight at KeyBanc.
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