Trump Media put volume heavy and directionally bearish

Bearish flow noted in Trump Media with 4,336 puts trading, or 4x expected. Most active are Nov-26 3 puts and 7/10 weekly 9.5 calls, with total volume in those strikes near 3,900 contracts. The Put/Call Ratio is 2.22, while ATM IV is up nearly 2 points on the day. Earnings are expected on July 31st.