Microchip put volume heavy and directionally bearish

Bearish flow noted in Microchip with 4,082 puts trading, or 1.0x expected. Most active are Aug-26 90 puts and Sep-26 90 puts, with total volume in those strikes near 1,700 contracts. The Put/Call Ratio is 2.75, while ATM IV is up nearly 6 points on the day. Earnings are expected on August 6th.