Bearish flow noted in Petrobras (PBR) with 13,001 puts trading, or 2x expected. Most active are Jan-25 15 (nonstd PBR1) puts and Feb-25 14 calls, with total volume in those strikes near 11,600 contracts. The Put/Call Ratio is 1.82, while ATM IV is up over 5 points on the day. Earnings are expected on March 6th.
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