Bearish flow noted in Petrobras (PBR) with 2,525 puts trading, or 1.0x expected. Most active are Feb-25 12 puts and Jun-25 14 puts, with total volume in those strikes near 2,200 contracts. The Put/Call Ratio is 4.75, while ATM IV is up over 14 points on the day. Earnings are expected on March 6th.
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