Option traders moderately bearish in UPS with shares down 1.28%

Option traders moderately bearish in UPS (UPS), with shares down $1.09 near $84.19. Options volume roughly in line with average with 23k contracts traded and calls leading puts for a put/call ratio of 0.39, compared to a typical level near 0.66. Implied volatility (IV30) is higher by 0.7 points near 28.11,and above the 52wk median, suggesting an expected daily move of $1.49. Put-call skew steepened, indicating increased demand for downside protection.