Comerica put volume heavy and directionally bearish

Bearish flow noted in Comerica with 2,034 puts trading, or 1.1x expected. Most active are Jan-25 45 puts and Jan-26 57.5 calls, with total volume in those strikes near 1,200 contracts. The Put/Call Ratio is 1.76, while ATM IV is up nearly 2 points on the day. Earnings are expected on July 19th.