Starwood Property put volume heavy and directionally bearish

Bearish flow noted in Starwood Property with 11,694 puts trading, or 9x expected. Most active are Jun-23 18 puts and Apr-23 21 calls, with total volume in those strikes near 11,600 contracts. The Put/Call Ratio is 82.35, while ATM IV is up nearly 3 points on the day. Earnings are expected on May 3rd.