Overstock com put volume heavy and directionally bearish

Bearish flow noted in Overstock com with 5,563 puts trading, or 7x expected. Most active are Mar-23 25 puts and Mar-23 22.5 puts, with total volume in those strikes near 3,500 contracts. The Put/Call Ratio is 2.31, while ATM IV is up over 3 points on the day. Earnings are expected on February 23rd.