Dow Chemical put volume heavy and directionally bearish

Bearish flow noted in Dow Chemical with 10,065 puts trading, or 3x expected. Most active are Aug-24 47.5 puts and Aug-24 52.5 puts, with total volume in those strikes near 7,800 contracts. The Put/Call Ratio is 1.59, while ATM IV is up over 1 point on the day. Earnings are expected on July 25th.