Lowe’s put volume heavy and directionally bearish

Bearish flow noted in Lowe’s with 8,697 puts trading, or 3x expected. Most active are Jan-23 210 calls and Jul-23 130 puts, with total volume in those strikes near 2,200 contracts. The Put/Call Ratio is 1.73, while ATM IV is up nearly 3 points on the day. Earnings are expected on February 28th.