Option traders moderately bearish in ServiceNow (NOW), with shares down 3c near $125.37. Options volume relatively light with 48k contracts traded and calls leading puts for a put/call ratio of 0.67, compared to a typical level near 5.08. Implied volatility (IV30) is higher by 0.8 points near 50.93, in the highest 10% of observations over the past year, suggesting an expected daily move of $4.02. Put-call skew steepened, indicating increased demand for downside protection.Looking ahead: ServiceNow (NOW) will report earnings after the close on 2026-01-28.Option markets are pricing in a 50% probability of a move greater than 7.43% or $9.31.
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