Arbor Realty put volume heavy and directionally bearish

Bearish flow noted in Arbor Realty with 17,346 puts trading, or 6x expected. Most active are Aug-24 13 puts and Jun-24 13 puts, with total volume in those strikes near 10,300 contracts. The Put/Call Ratio is 5.53, while ATM IV is up nearly 13 points on the day. Earnings are expected on July 26th.