Williams put volume heavy and directionally bearish

Bearish flow noted in Williams (WMB) with 3,870 puts trading, or 2x expected. Most active are 1/31 weekly 52 puts and Feb-25 55 calls, with total volume in those strikes near 2,800 contracts. The Put/Call Ratio is 1.52, while ATM IV is up over 4 points on the day. Earnings are expected on February 19th.