Bearish flow noted in Petrobras (PBR) with 23,548 puts trading, or 1.3x expected. Most active are May-25 11 puts and Jun-25 11 puts, with total volume in those strikes near 18,600 contracts. The Put/Call Ratio is 1.75, while ATM IV is up nearly 3 points on the day. Earnings are expected on May 12th.
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