Option traders moderately bearish in Nokia with shares down 4.65%

Option traders moderately bearish in Nokia (NOK), with shares down 38c near $7.89. Options volume relatively light with 44k contracts traded and puts leading calls for a put/call ratio of 1.16, compared to a typical level near 0.3. Implied volatility (IV30) is higher by 2.3 points near 56.51, in the highest 10% of observations over the past year, suggesting an expected daily move of $0.28. Put-call skew flattened, suggesting a modestly bullish tone, following a downgrade to Underperform at Grupo Santander.