Bearish flow noted in Petrobras (PBR) with 6,596 puts trading, or 1.3x expected. Most active are Jun-25 11 puts and Aug-25 11 puts, with total volume in those strikes near 5,100 contracts. The Put/Call Ratio is 4.86, while ATM IV is up over 3 points on the day. Earnings are expected on August 7th.
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