Bearish flow noted in Petrobras (PBR) with 14,668 puts trading, or 1.2x expected. Most active are Mar-25 14 puts and 1/31 weekly 14 puts, with total volume in those strikes near 7,000 contracts. The Put/Call Ratio is 2.71, while ATM IV is up over 2 points on the day. Earnings are expected on February 26th.
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