Wolfspeed put volume heavy and directionally bearish

Bearish flow noted in Wolfspeed with 3,731 puts trading, or 6x expected. Most active are Jul-24 20 puts and Jul-24 30 calls, with total volume in those strikes near 3,500 contracts. The Put/Call Ratio is 3.13, while ATM IV is up over 4 points on the day. Earnings are expected on August 21st.