Dow Chemical put volume heavy and directionally bearish

Bearish flow noted in Dow Chemical with 3,317 puts trading, or 1.4x expected. Most active are Mar-23 50 puts and 1/13 weekly 53 puts, with total volume in those strikes near 2,000 contracts. The Put/Call Ratio is 1.92, while ATM IV is up over 1 point on the day. Earnings are expected on January 26th.