Option traders moderately bearish in UPS (UPS), with shares down 50c near $83.91. Options volume relatively light with 39k contracts traded and calls leading puts for a put/call ratio of 0.35, compared to a typical level near 0.79. Implied volatility (IV30) is higher by 0.5 points near 27.74,and above the 52wk median, suggesting an expected daily move of $1.47. Put-call skew steepened, indicating increased demand for downside protection, following a downgrade to Market Perform at BMO Capital.
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