Option traders moderately bearish in Pfizer (PFE), with shares down 24c near $24.16. Options volume roughly in line with average with 46k contracts traded and calls leading puts for a put/call ratio of 0.88, compared to a typical level near 0.7. Implied volatility (IV30) is higher by 0.4 points near 22.59,in the bottom quartile of the past year, suggesting an expected daily move of $0.34. Put-call skew steepened, indicating increased demand for downside protection.
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