Mondelez put volume heavy and directionally bearish

Bearish flow noted in Mondelez (MDLZ) with 1,188 puts trading, or 1.5x expected. Most active are Jan-25 57.5 puts and Mar-25 62.5 calls, with total volume in those strikes near 1,100 contracts. The Put/Call Ratio is 2.17, while ATM IV is up nearly 3 points on the day. Earnings are expected on January 28th.