PG&E put volume heavy and directionally bearish

Bearish flow noted in PG&E with 3,056 puts trading, or 1.2x expected. Most active are Jan-24 12 puts and Jan-23 15.5 puts, with total volume in those strikes near 1,600 contracts. The Put/Call Ratio is 2.03, while ATM IV is up nearly 2 points on the day. Earnings are expected on February 9th.