ON Semiconductor put volume heavy and directionally bearish

Bearish flow noted in ON Semiconductor (ON) with 3,156 puts trading, or 1.8x expected. Most active are 10/25 weekly 65 puts and 10/25 weekly 69 calls, with total volume in those strikes near 1,700 contracts. The Put/Call Ratio is 1.72, while ATM IV is up nearly 2 points on the day. Earnings are expected on October 28th.