Option traders moderately bearish in Microsoft with shareslittle changed

Option traders moderately bearish in Microsoft (MSFT), with shares down 36c near $404.52. Options volume relatively light with 299k contracts traded and calls leading puts for a put/call ratio of 0.54, compared to a typical level near 0.77. Implied volatility (IV30) is higher by 1.0 points near 27.77,and above the 52wk median, suggesting an expected daily move of $7.08. Put-call skew steepened, indicating increased demand for downside protection.