American Airlines put volume heavy and directionally bearish

Bearish flow noted in American Airlines with 14,791 puts trading, or 1.6x expected. Most active are Jul-26 18 calls and 7/10 weekly 16.5 puts, with total volume in those strikes near 3,000 contracts. The Put/Call Ratio is 1.56, while ATM IV is up over 1 point on the day. Earnings are expected on July 23rd.