Vale put volume heavy and directionally bearish

Bearish flow noted in Vale (VALE) with 15,552 puts trading, or 6x expected. Most active are Jan-26 12 puts and Dec-26 12 puts, with total volume in those strikes near 15,000 contracts. The Put/Call Ratio is 4.70, while ATM IV is up nearly 4 points on the day. Earnings are expected on February 20th.