Petrobras put volume heavy and directionally bearish

Bearish flow noted in Petrobras (PBR) with 15,109 puts trading, or 3x expected. Most active are 4/25 weekly 10.5 puts and 4/25 weekly 11 puts, with total volume in those strikes near 13,400 contracts. The Put/Call Ratio is 5.73, while ATM IV is up over 5 points on the day. Earnings are expected on May 12th.