Option traders moderately bearish in Pfizer with shares down 1.25%

Option traders moderately bearish in Pfizer (PFE), with shares down 32c near $24.89. Options volume relatively light with 88k contracts traded and calls leading puts for a put/call ratio of 0.43, compared to a typical level near 0.5. Implied volatility (IV30) is higher by 0.1 points near 19.24,in the lowest 10% of observations over the past year, suggesting an expected daily move of $0.30. Put-call skew steepened, indicating increased demand for downside protection.