Ally Financial put volume heavy and directionally bearish

Bearish flow noted in Ally Financial with 5,792 puts trading, or 7x expected. Most active are Jul-23 26.5 puts and Dec-23 28 puts, with total volume in those strikes near 4,900 contracts. The Put/Call Ratio is 10.47, while ATM IV is up over 2 points on the day. Earnings are expected on July 19th.