Restaurant Brands put volume heavy and directionally bearish

Bearish flow noted in Restaurant Brands with 1,484 puts trading, or 1.6x expected. Most active are Apr-23 62.5 puts and Feb-23 62.5 puts, with total volume in those strikes near 1,300 contracts. The Put/Call Ratio is 5.26, while ATM IV is up over 1 point on the day. Earnings are expected on February 15th.