Petrobras put volume heavy and directionally bearish

Bearish flow noted in Petrobras (PBR) with 28,460 puts trading, or 12x expected. Most active are Apr-25 12 puts and 4/11 weekly 12.5 puts, with total volume in those strikes near 9,900 contracts. The Put/Call Ratio is 4.02, while ATM IV is up nearly 11 points on the day. Earnings are expected on May 12th.