Caesars put volume heavy and directionally bearish

Bearish flow noted in Caesars with 11,491 puts trading, or 3x expected. Most active are 5/3 weekly 36 puts and 5/3 weekly 37 puts, with total volume in those strikes near 4,200 contracts. The Put/Call Ratio is 1.76, while ATM IV is up over 1 point on the day. Earnings are expected on April 30th.