Cisco Systems (CSCO, news, chart, volatility) options are active ahead of earnings. 61,000 puts and 59,000 calls have traded midday. The November 18, November 15, and November 17 puts are leading the most actives and shares are down 52 cents to $17.81 in cautious trading ahead of the news. Analysts don’t expect any surprises. Of the 22 analysts that cover Cisco the range of estimates is narrow, between 38 and 40 cents. Consensus is 39 cents. In the previous quarter, CSCO posted 38 cents, which beat by two pennies. The stock gapped almost 6 percent higher on the news. The options market is priced for a similar move this time. Implied volatility in the November puts is near 75 percent, compared to 66 for December. The skew hints at a possible earnings gap move of $1.67 per share, or 9 percent, when CSCO releases results after the closing bell.