Altria Group put volume heavy and directionally bearish

Bearish flow noted in Altria Group with 4,607 puts trading, or 2x expected. Most active are 7/26 weekly 47.5 puts and Sep-24 40 puts, with total volume in those strikes near 3,100 contracts. The Put/Call Ratio is 2.40, while ATM IV is up over 1 point on the day. Earnings are expected on July 31st.