Bearish flow noted in Petrobras (PBR) with 32,473 puts trading, or 5x expected. Most active are Jun-26 12 puts and Jan-26 11 puts, with total volume in those strikes near 30,000 contracts. The Put/Call Ratio is 8.40, while ATM IV is up over 1 point on the day. Earnings are expected on November 6th.
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