Option traders moderately bearish in Salesforce (CRM), with shares down $4.40 near $267.51. Options volume roughly in line with average with 23k contracts traded and calls leading puts for a put/call ratio of 0.35, compared to a typical level near 0.75. Implied volatility (IV30) is higher by 0.3 points near 27.3,and below the 52wk median, suggesting an expected daily move of $4.60. Put-call skew steepened, indicating increased demand for downside protection.
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