Spirit AeroSystems put volume heavy and directionally bearish

Bearish flow noted in Spirit AeroSystems with 2,780 puts trading, or 1.8x expected. Most active are May-23 27 puts and Apr-23 31 calls, with total volume in those strikes near 2,900 contracts. The Put/Call Ratio is 1.63, while ATM IV is up over 1 point on the day. Earnings are expected on May 3rd.