Option traders moderately bearish in Wells Fargo with shares down 1.03%

Option traders moderately bearish in Wells Fargo (WFC), with shares down 84c near $81.01. Options volume relatively light with 3095 contracts traded and calls leading puts for a put/call ratio of 0.66, compared to a typical level near 0.85. Implied volatility (IV30) is higher by 0.7 points near 37.17, in the highest 10% of observations over the past year, suggesting an expected daily move of $1.90. Put-call skew steepened, indicating increased demand for downside protection, following an upgrade to Buy at HSBC.Looking ahead: Wells Fargo (WFC) will report earnings before the open on 2026-04-14.Option markets are pricing in a 50% probability of a move greater than 5.05% or $4.09.