Splunk put volume heavy and directionally bearish

Bearish flow noted in Splunk with 6,632 puts trading, or 2x expected. Most active are 12/2 weekly 69 puts and Jan-23 92.5 calls, with total volume in those strikes near 1,500 contracts. The Put/Call Ratio is 2.14, while ATM IV is up over 1 point on the day. Earnings are expected on November 30th.