Blackstone put volume heavy and directionally bearish

Bearish flow noted in Blackstone (BX) with 8,291 puts trading, or 1.5x expected. Most active are May-25 115 puts and Jul-25 160 calls, with total volume in those strikes near 2,900 contracts. The Put/Call Ratio is 1.56, while ATM IV is up nearly 4 points on the day. Earnings are expected on April 17th.