Bearish flow noted in Eli Lilly(LLY) with 5,512 puts trading, or 1.5x expected. Most active are 2/3 weekly 71 puts and Jan-17 75 calls, with total volume in those strikes near 2,900 contracts. The Put/Call Ratio is 2.40, while ATM IV is up over 1 point on the day. Earnings are expected on January 31st.