PG&E put volume heavy and directionally bearish

Bearish flow noted in PG&E (PCG) with 8,087 puts trading, or 3x expected. Most active are Sep-26 13 puts and Nov-25 20 calls, with total volume in those strikes near 7,300 contracts. The Put/Call Ratio is 4.56, while ATM IV is up over 1 point on the day. Earnings are expected on February 19th.