Alcoa put volume heavy and directionally bearish

Bearish flow noted in Alcoa (AA) with 5,073 puts trading, or 2.0x expected. Most active are Jan-27 45 puts and Feb-26 60 puts, with total volume in those strikes near 4,300 contracts. The Put/Call Ratio is 2.44, while ATM IV is up nearly 2 points on the day. Earnings are expected on April 15th.