UBS put volume heavy and directionally bearish

Bearish flow noted in UBS (UBS) with 1,401 puts trading, or 1.2x expected. Most active are Jun-25 32.5 puts and Jul-25 30 puts, with total volume in those strikes near 960 contracts. The Put/Call Ratio is 4.42, while ATM IV is up over 7 points on the day. Earnings are expected on July 30th.