Gap put volume heavy and directionally bearish

Bearish flow noted in Gap with 21,100 puts trading, or 6x expected. Most active are Jun-23 11 puts and 1/27 weekly 13 calls, with total volume in those strikes near 21,300 contracts. The Put/Call Ratio is 5.38, while ATM IV is up over 1 point on the day. Earnings are expected on March 2nd.