Bearish flow noted in Petrobras (PBR) with 7,863 puts trading, or 2x expected. Most active are Jan-27 8 puts and 1/31 weekly 13.5 calls, with total volume in those strikes near 7,700 contracts. The Put/Call Ratio is 5.38, while ATM IV is up over 4 points on the day. Earnings are expected on March 6th.
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