Vale put volume heavy and directionally bearish

Bearish flow noted in Vale with 9,093 puts trading, or 3x expected. Most active are Jan-26 12 puts and Jul-24 12 calls, with total volume in those strikes near 7,200 contracts. The Put/Call Ratio is 1.98, while ATM IV is up over 1 point on the day. Earnings are expected on July 25th.