ON Semiconductor put volume heavy and directionally bearish

Bearish flow noted in ON Semiconductor with 7,066 puts trading, or 1.4x expected. Most active are Mar-24 60 puts and Mar-24 70 puts, with total volume in those strikes near 5,500 contracts. The Put/Call Ratio is 2.25, while ATM IV is up over 1 point on the day. Earnings are expected on April 29th.