Bearish flow noted in Petrobras (PBR) with 23,117 puts trading, or 11x expected. Most active are Feb-26 10 puts and Jan-26 12 puts, with total volume in those strikes near 18,100 contracts. The Put/Call Ratio is 2.77, while ATM IV is up over 10 points on the day. Earnings are expected on February 25th.
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