Kohl’s put volume heavy and directionally bearish

Bearish flow noted in Kohl’s with 8,009 puts trading, or 3x expected. Most active are 5/5 weekly 22 puts and 5/5 weekly 23.5 calls, with total volume in those strikes near 7,500 contracts. The Put/Call Ratio is 2.22, while ATM IV is up over 3 points on the day. Earnings are expected on May 18th.