Option traders moderately bearish in Wells Fargo (WFC), with shares down 64c near $78.84. Options volume relatively light with 9319 contracts traded and calls leading puts for a put/call ratio of 0.68, compared to a typical level near 0.77. Implied volatility (IV30) is higher by 0.2 points near 23.21,in the bottom quartile of the past year, suggesting an expected daily move of $1.15. Put-call skew steepened, indicating increased demand for downside protection.
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