Moderately bullish activity in PayPal (PYPL), with shares down $4.07 near $71.69. Options volume running well above average with 261k contracts traded and calls leading puts for a put/call ratio of 0.24, compared to a typical level near 0.32. Implied volatility (IV30) is higher by 2.4 points near 53.81, in the highest 10% of observations over the past year, suggesting an expected daily move of $2.43. Put-call skew flattened, suggesting a modestly bullish tone, following a downgrade to Peer Perform at Wolfe Research.Looking ahead: PayPal (PYPL) will report earnings after the close on None.Option markets are pricing in a 50% probability of a move greater than 0.0% or $0.00.
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