Zoetis put volume heavy and directionally bearish

Bearish flow noted in Zoetis with 3,163 puts trading, or 1.6x expected. Most active are Sep-26 65 puts and Sep-26 70 puts, with total volume in those strikes near 2,200 contracts. The Put/Call Ratio is 4.08, while ATM IV is up nearly 5 points on the day. Earnings are expected on August 6th.