Global Payments put volume heavy and directionally bearish

Bearish flow noted in Global Payments with 1,672 puts trading, or 1.2x expected. Most active are Jul-24 85 puts and Jan-26 90 puts, with total volume in those strikes near 1,200 contracts. The Put/Call Ratio is 2.52, while ATM IV is up over 1 point on the day. Earnings are expected on July 30th.