Johnson Controls put volume heavy and directionally bearish

Bearish flow noted in Johnson Controls with 3,251 puts trading, or 5x expected. Most active are Dec-23 52.5 puts and Dec-23 47.5 puts, with total volume in those strikes near 3,000 contracts. The Put/Call Ratio is 6.20, while ATM IV is up nearly 2 points on the day. Earnings are expected on November 29th.