Mixed options sentiment in Merck (MRK), with shares up $1.25 (+1.68%) near $76.06

Options volume is relatively light, with 36k contracts traded and calls leading puts for a put/call ratio of 0.69, compared to a typical level near 1.11. Implied volatility (IV30) dropped 1.11 to 37.35, in the highest 10% of observations over the past year, suggesting an expected daily move of $1.79. Put-call skew steepened, indicating increased demand for downside protection. following a downgrade to Neutral at Citi.