Kraft Heinz put volume heavy and directionally bearish

Bearish flow noted in Kraft Heinz (KHC) with 9,251 puts trading, or 5x expected. Most active are Sep-25 27.5 puts and Nov-24 31 calls, with total volume in those strikes near 7,100 contracts. The Put/Call Ratio is 3.91, while ATM IV is up over 2 points on the day. Earnings are expected on February 12th.