MBIA put volume heavy and directionally bearish

Bearish flow noted in MBIA with 4,531 puts trading, or 2x expected. Most active are Jan-24 13 puts and Jan-24 14 puts, with total volume in those strikes near 3,200 contracts. The Put/Call Ratio is 2.97, while ATM IV is up nearly 4 points on the day. Earnings are expected on February 28th.