Groupon put volume heavy and directionally bearish

Bearish flow noted in Groupon (GRPN) with 1,040 puts trading, or 2x expected. Most active are Nov-24 9 puts and Jan-25 11 calls, with total volume in those strikes near 1,000 contracts. The Put/Call Ratio is 8.67, while ATM IV is up nearly 7 points on the day. Earnings are expected on November 7th.