Vodafone put volume heavy and directionally bearish

Bearish flow noted in Vodafone with 2,444 puts trading, or 1.9x expected. Most active are Dec-22 11 puts and Apr-23 14 calls, with total volume in those strikes near 2,400 contracts. The Put/Call Ratio is 5.71, while ATM IV is up over 1 point on the day. Earnings are expected on May 16th.