V F Corp put volume heavy and directionally bearish

Bearish flow noted in V F Corp with 37,770 puts trading, or 16x expected. Most active are May-24 12.5 puts and Jun-24 17.5 calls, with total volume in those strikes near 23,600 contracts. The Put/Call Ratio is 1.54, while ATM IV is up over 4 points on the day. Earnings are expected on May 23rd.