Kohl’s put volume heavy and directionally bearish

Bearish flow noted in Kohl’s (KSS) with 27,708 puts trading, or 8x expected. Most active are Nov-24 18.5 calls and Nov-24 17 puts, with total volume in those strikes near 20,400 contracts. The Put/Call Ratio is 1.89, while ATM IV is up over 33 points on the day. Earnings are expected on November 26th.