Bearish flow noted in ON Semiconductor with 5,839 puts trading, or 1.6x expected. Most active are 5/3 weekly 65 puts and 5/3 weekly 60 puts, with total volume in those strikes near 3,500 contracts. The Put/Call Ratio is 1.54, while ATM IV is up nearly 3 points on the day. Earnings are expected on April 29th.