ON Semiconductor put volume heavy and directionally bearish

Bearish flow noted in ON Semiconductor with 9,134 puts trading, or 4x expected. Most active are 6/28 weekly 65 puts and Jun-24 63 puts, with total volume in those strikes near 7,400 contracts. The Put/Call Ratio is 6.05, while ATM IV is up nearly 2 points on the day. Earnings are expected on July 29th.