Best Buy put volume heavy and directionally bearish

Bearish flow noted in Best Buy with 3,231 puts trading, or 1.1x expected. Most active are May-23 70 puts and 5/26 weekly 70 puts, with total volume in those strikes near 1,800 contracts. The Put/Call Ratio is 3.01, while ATM IV is up nearly 4 points on the day. Earnings are expected on May 25th.