MGM Resorts put volume heavy and directionally bearish

Bearish flow noted in MGM Resorts with 4,039 puts trading, or 1.2x expected. Most active are 10/4 weekly 39 puts and 10/4 weekly 40 calls, with total volume in those strikes near 2,400 contracts. The Put/Call Ratio is 1.83, while ATM IV is up over 1 point on the day. Earnings are expected on November 6th.