Options volume is relatively light, with 8247 contracts traded and calls leading puts for a put/call ratio of 0.27, compared to a typical level near 0.44. Implied volatility (IV30) dropped 2.76 to 74.62,in the lowest 10% of observations over the past year, suggesting an expected daily move of $1.18. Put-call skew steepened, indicating increased demand for downside protection.The company will report earnings after the close today. Option markets are pricing in a 50% probability of a move greater than 4.68% or $1.18.
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