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Option traders moderately bearish in Microsoft with shares down 1.8%

Option traders moderately bearish in Microsoft (MSFT), with shares down $9.48 near $516.27. Options volume running well above average with 370k contracts traded and calls leading puts for a put/call ratio of 0.53, compared to a typical level near 0.5. Implied volatility (IV30) is higher by 0.8 points near 23.49,and above the 52wk median, suggesting an expected daily move of $7.64. Put-call skew steepened, indicating increased demand for downside protection, following an upgrade to Buy at Guggenheim.

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