Option traders moderately bearish in PG&E (PCG), with shares down 54c near $14.55. Options volume running well above average with 127k contracts traded and calls leading puts for a put/call ratio of 0.16, compared to a typical level near 0.44. Implied volatility (IV30) is higher by 3.6 points near 58.76, in the highest 10% of observations over the past year, suggesting an expected daily move of $0.54. Put-call skew steepened, indicating increased demand for downside protection.
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