Option traders moderately bearish in PepsiCo (PEP), with shares down 64c near $145.40. Options volume relatively light with 25k contracts traded and puts leading calls for a put/call ratio of 1.27, compared to a typical level near 1.04. Implied volatility (IV30) is higher by 2.2 points near 18.09,and below the 52wk median, suggesting an expected daily move of $1.66. Put-call skew flattened, suggesting a modestly bullish tone.
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