Zions Bancorp put volume heavy and directionally bearish

Bearish flow noted in Zions Bancorp with 3,239 puts trading, or 2x expected. Most active are Oct-23 32.5 puts and 10/6 weekly 32 puts, with total volume in those strikes near 2,300 contracts. The Put/Call Ratio is 3.63, while ATM IV is up over 5 points on the day. Earnings are expected on October 18th.