Hertz Global Holdings put volume heavy and directionally bearish

Bearish flow noted in Hertz Global Holdings with 9,992 puts trading, or 1.7x expected. Most active are Dec-26 4 puts and Jun-24 5 puts, with total volume in those strikes near 9,500 contracts. The Put/Call Ratio is 7.60, while ATM IV is up nearly 5 points on the day. Earnings are expected on July 25th.