Option traders moderately bearish in Wells Fargo with shares down 2.49%

Option traders moderately bearish in Wells Fargo (WFC), with shares down $1.92 near $74.97. Options volume running well above average with 97k contracts traded and puts leading calls for a put/call ratio of 1.23, compared to a typical level near 0.99. Implied volatility (IV30) is higher by 3.5 points near 39.02, in the highest 10% of observations over the past year, suggesting an expected daily move of $1.84. Put-call skew flattened, suggesting a modestly bullish tone.