Bearish flow noted in Petrobras (PBR) with 3,760 puts trading, or 1.1x expected. Most active are Jun-26 10 puts and Mar-26 11 puts, with total volume in those strikes near 2,300 contracts. The Put/Call Ratio is 3.70, while ATM IV is up nearly 7 points on the day. Earnings are expected on August 7th.
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