UPS put volume heavy and directionally bearish

Bearish flow noted in UPS (UPS) with 20,057 puts trading, or 2x expected. Most active are Apr-25 100 puts and Feb-25 116 puts, with total volume in those strikes near 8,100 contracts. The Put/Call Ratio is 1.68, while ATM IV is up nearly 2 points on the day. Earnings are expected on April 22nd.