Alcoa put volume heavy and directionally bearish

Bearish flow noted in Alcoa with 13,957 puts trading, or 3x expected. Most active are Oct-23 30 puts and Nov-23 17.5 puts, with total volume in those strikes near 7,800 contracts. The Put/Call Ratio is 1.58, while ATM IV is up over 2 points on the day. Earnings are expected on October 18th.