Option traders moderately bearish in Wells Fargo with shares down 0.69%

Option traders moderately bearish in Wells Fargo (WFC), with shares down 57c near $82.50. Options volume relatively light with 40k contracts traded and calls leading puts for a put/call ratio of 0.64, compared to a typical level near 0.91. Implied volatility (IV30) is higher by 0.8 points near 21.81,in the lowest 10% of observations over the past year, suggesting an expected daily move of $1.13. Put-call skew steepened, indicating increased demand for downside protection.