International Paper put volume heavy and directionally bearish

Bearish flow noted in International Paper with 2,702 puts trading, or 1.1x expected. Most active are Jan-24 35 puts and Jan-24 32.5 puts, with total volume in those strikes near 1,700 contracts. The Put/Call Ratio is 2.30, while ATM IV is up over 1 point on the day. Earnings are expected on January 31st.