Macy’s put volume heavy and directionally bearish

Bearish flow noted in Macy’s (M) with 7,367 puts trading, or 10x expected. Most active are Feb-26 22 puts and 2/27 weekly 22 puts, with total volume in those strikes near 6,500 contracts. The Put/Call Ratio is 8.80, while ATM IV is up over 7 points on the day. Earnings are expected on March 5th.