Option traders moderately bearish in Wal-Mart (WMT), with shares down 51c near $115.15. Options volume roughly in line with average with 79k contracts traded and puts leading calls for a put/call ratio of 1.07, compared to a typical level near 0.78. Implied volatility (IV30) dropped 0.63 near 20.55,in the bottom quartile of the past year, suggesting an expected daily move of $1.49. Put-call skew steepened, indicating increased demand for downside protection.
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