Annaly Capital put volume heavy and directionally bearish

Bearish flow noted in Annaly Capital with 4,704 puts trading, or 7x expected. Most active are May-24 19 puts and Oct-24 17 puts, with total volume in those strikes near 4,500 contracts. The Put/Call Ratio is 4.03, while ATM IV is up over 12 points on the day. Earnings are expected on July 24th.