Cinemark put volume heavy and directionally bearish

Bearish flow noted in Cinemark with 2,047 puts trading, or 1.6x expected. Most active are Sep-23 5 puts and Feb-23 5 calls, with total volume in those strikes near 2,100 contracts. The Put/Call Ratio is 5.78, while ATM IV is up nearly 4 points on the day. Earnings are expected on February 24th.