Microchip put volume heavy and directionally bearish

Bearish flow noted in Microchip (MCHP) with 1,854 puts trading, or 1.3x expected. Most active are Nov-24 70 puts and Jan-25 82.5 calls, with total volume in those strikes near 1,400 contracts. The Put/Call Ratio is 1.56, while ATM IV is up nearly 2 points on the day. Earnings are expected on November 5th.