Option traders moderately bearish in Verizon with shares down 2.25%

Option traders moderately bearish in Verizon (VZ), with shares down 90c near $39.30. Options volume roughly in line with average with 36k contracts traded and calls leading puts for a put/call ratio of 0.29, compared to a typical level near 0.54. Implied volatility (IV30) is higher by 0.4 points near 19.5,and below the 52wk median, suggesting an expected daily move of $0.48. Put-call skew steepened, indicating increased demand for downside protection.