PG&E put volume heavy and directionally bearish

Bearish flow noted in PG&E with 1,226 puts trading, or 1.3x expected. Most active are Jan-25 17 puts and Jun-24 18.5 calls, with total volume in those strikes near 1,100 contracts. The Put/Call Ratio is 1.77, while ATM IV is up nearly 2 points on the day. Earnings are expected on July 25th.