Celestica put volume heavy and directionally bearish

Bearish flow noted in Celestica (CLS) with 2,898 puts trading, or 3x expected. Most active are Feb-25 70 puts and 12/13 weekly 88 puts, with total volume in those strikes near 1,500 contracts. The Put/Call Ratio is 2.14, while ATM IV is up nearly 4 points on the day. Earnings are expected on January 29th.