Xerox put volume heavy and directionally bearish

Bearish flow noted in Xerox with 3,025 puts trading, or 1.8x expected. Most active are Aug-24 10 puts and Jul-24 11 puts, with total volume in those strikes near 2,200 contracts. The Put/Call Ratio is 5.14, while ATM IV is up nearly 3 points on the day. Earnings are expected on July 23rd.