ON Semiconductor put volume heavy and directionally bearish

Bearish flow noted in ON Semiconductor with 13,143 puts trading, or 4x expected. Most active are 8/30 weekly 65 puts and 8/2 weekly 75 puts, with total volume in those strikes near 8,400 contracts. The Put/Call Ratio is 3.78, while ATM IV is up over 1 point on the day. Earnings are expected on October 28th.