Kraft Heinz put volume heavy and directionally bearish

Bearish flow noted in Kraft Heinz with 8,935 puts trading, or 4x expected. Most active are 8/9 weekly 35 puts and Sep-24 37.5 calls, with total volume in those strikes near 4,900 contracts. The Put/Call Ratio is 1.86, while ATM IV is up nearly 2 points on the day. Earnings are expected on October 30th.