Vale put volume heavy and directionally bearish

Bearish flow noted in Vale with 16,844 puts trading, or 1.8x expected. Most active are Jan-25 11 puts and Jan-25 10 puts, with total volume in those strikes near 12,800 contracts. The Put/Call Ratio is 2.80, while ATM IV is up over 1 point on the day. Earnings are expected on July 25th.