Vale put volume heavy and directionally bearish

Bearish flow noted in Vale (VALE) with 15,877 puts trading, or 3x expected. Most active are Jan-27 10 puts and 4/25 weekly 9 calls, with total volume in those strikes near 14,900 contracts. The Put/Call Ratio is 3.49, while ATM IV is up over 15 points on the day. Earnings are expected on April 24th.