Option traders moderately bearish in Nike with shares down 0.85%

Option traders moderately bearish in Nike (NKE), with shares down 48c near $55.60. Options volume roughly in line with average with 80k contracts traded and calls leading puts for a put/call ratio of 0.41, compared to a typical level near 0.71. Implied volatility (IV30) is higher by 1.8 points near 50.1, in the highest 10% of observations over the past year, suggesting an expected daily move of $1.75. Put-call skew steepened, indicating increased demand for downside protection, following an upgrade to Overweight at Barclays.