Options volume is running well above average, with 80k contracts traded and puts leading calls for a put/call ratio of 1.24, compared to a typical level near 0.71. Implied volatility (IV30) rose 2.96 to 53.82, in the highest 10% of observations over the past year, suggesting an expected daily move of $3.34. Put-call skew flattened, suggesting a modestly bullish tone.Looking ahead: Target (TGT) will report earnings before the open on 2025-05-21.Option markets are pricing in a 50% probability of a move greater than 10.38% or $10.23. following a downgrade to Underperform at Bernstein.
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