Option traders moderately bearish in PayPal (PYPL), with shares down 56c near $69.34. Options volume relatively light with 34k contracts traded and calls leading puts for a put/call ratio of 0.54, compared to a typical level near 0.47. Implied volatility (IV30) is higher by 0.4 points near 28.69,in the bottom quartile of the past year, suggesting an expected daily move of $1.25. Put-call skew steepened, indicating increased demand for downside protection.
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