Apollo Global put volume heavy and directionally bearish

Bearish flow noted in Apollo Global with 9,263 puts trading, or 6x expected. Most active are Feb-23 55 puts and Mar-23 55 puts, with total volume in those strikes near 8,600 contracts. The Put/Call Ratio is 27.01, while ATM IV is up over 1 point on the day. Earnings are expected on February 9th.