Unilever put volume heavy and directionally bearish

Bearish flow noted in Unilever (UL) with 5,185 puts trading, or 1.7x expected. Most active are May-26 62.5 calls and Jun-26 47.5 puts, with total volume in those strikes near 2,300 contracts. The Put/Call Ratio is 1.65, while ATM IV is up over 3 points on the day. Earnings are expected on July 28th.