Option traders moderately bearish in Nike with shares down 2.92%

Option traders moderately bearish in Nike (NKE), with shares down $2.23 near $74.30. Options volume roughly in line with average with 68k contracts traded and puts leading calls for a put/call ratio of 2.12, compared to a typical level near 0.96. Implied volatility (IV30) dropped 0.2 near 29.1,and below the 52wk median, suggesting an expected daily move of $1.36. Put-call skew steepened, indicating increased demand for downside protection.