Moderately bullish activity in Cisco with shares up 1.85%

Moderately bullish activity in Cisco (CSCO), with shares up $2.25, or 1.85%, near $123.67. Options volume more than double the daily average with 49k contracts traded and calls leading puts for a put/call ratio of 0.59, compared to a typical level near 0.73. Implied volatility (IV30) is higher by 0.9 points near 48.27, in the highest 10% of observations over the past year, suggesting an expected daily move of $3.76. Put-call skew steepened, indicating increased demand for downside protection.Looking ahead: Cisco (CSCO) will report earnings after the close on 2026-08-12.Option markets are pricing in a 50% probability of a move greater than 9.38% or $11.60.