Kraft Heinz put volume heavy and directionally bearish

Bearish flow noted in Kraft Heinz with 4,060 puts trading, or 2x expected. Most active are 5/31 weekly 35.5 puts and Jun-24 37.5 calls, with total volume in those strikes near 3,400 contracts. The Put/Call Ratio is 1.57, while ATM IV is up nearly 2 points on the day. Earnings are expected on July 31st.