British American Tobacco put volume heavy and directionally bearish

Bearish flow noted in British American Tobacco with 4,047 puts trading, or 2x expected. Most active are Jul-24 29 puts and Sep-24 29 puts, with total volume in those strikes near 3,100 contracts. The Put/Call Ratio is 1.56, while ATM IV is up nearly 2 points on the day. Earnings are expected on July 25th.