Option traders moderately bearish in Pfizer (PFE), with shares down 18c near $27.39. Options volume roughly in line with average with 52k contracts traded and calls leading puts for a put/call ratio of 0.65, compared to a typical level near 0.61. Implied volatility (IV30) is higher by 0.4 points near 25.82,and above the 52wk median, suggesting an expected daily move of $0.45. Put-call skew steepened, indicating increased demand for downside protection.
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