Vornado put volume heavy and directionally bearish

Bearish flow noted in Vornado with 1,897 puts trading, or 1.7x expected. Most active are Oct-23 22.5 puts and Sep-23 25 calls, with total volume in those strikes near 1,000 contracts. The Put/Call Ratio is 1.89, while ATM IV is up nearly 4 points on the day. Earnings are expected on October 30th.