First Majestic Silver put volume heavy and directionally bearish

Bearish flow noted in First Majestic Silver with 32,963 puts trading, or 21x expected. Most active are Dec-25 3 puts and Jul-24 10 calls, with total volume in those strikes near 32,000 contracts. The Put/Call Ratio is 2.25, while ATM IV is up over 2 points on the day. Earnings are expected on August 1st.