EBay put volume heavy and directionally bearish

Bearish flow noted in EBay with 2,751 puts trading, or 3x expected. Most active are Dec-26 100 puts and Aug-26 115 calls, with total volume in those strikes near 2,600 contracts. The Put/Call Ratio is 9.76, while ATM IV is up over 2 points on the day. Earnings are expected on July 29th.