Nokia put volume heavy and directionally bearish

Bearish flow noted in Nokia (NOK) with 6,123 puts trading, or 7x expected. Most active are Mar-25 5 puts and Jan-26 5 calls, with total volume in those strikes near 6,000 contracts. The Put/Call Ratio is 1.74, while ATM IV is up over 1 point on the day. Earnings are expected on April 24th.