Option traders moderately bearish in PG&E (PCG), with shares down 50c near $14.86. Options volume more than double the daily average with 170k contracts traded and puts leading calls for a put/call ratio of 1.62, compared to a typical level near 0.19. Implied volatility (IV30) is higher by 3.9 points near 53.07, in the highest 10% of observations over the past year, suggesting an expected daily move of $0.50. Put-call skew flattened, suggesting a modestly bullish tone.
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