Moderately bullish activity in Baidu (BIDU), with shares up $2.33, or 1.7%, near $139.78. Options volume roughly in line with average with 71k contracts traded and calls leading puts for a put/call ratio of 0.3, compared to a typical level near 0.45. Implied volatility (IV30) dropped 0.61 near 51.92, in the highest 10% of observations over the past year, suggesting an expected daily move of $4.57. Put-call skew flattened, suggesting a modestly bullish tone, following an upgrade to Buy at DBS Bank.
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