Option traders moderately bearish in Palo Alto Networks (PANW), with shares down 59c near $176.50. Options volume nearly triple the daily average with 282k contracts traded and calls leading puts for a put/call ratio of 0.76, compared to a typical level near 0.54. Implied volatility (IV30) is higher by 1.3 points near 44.89,in the top quartile of the past year, suggesting an expected daily move of $4.99. Put-call skew steepened, indicating increased demand for downside protection, following an upgrade to Mixed at BWG Global.The company will report earnings after the close today. Option markets are pricing in a 50% probability of a move greater than 9.7% or $17.12.
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