Bearish flow noted in XP Inc with 5,095 puts trading, or 1.4x expected. Most active are 5/10 weekly 20 puts and Nov-24 15 calls, with total volume in those strikes near 5,100 contracts. The Put/Call Ratio is 22.35, while ATM IV is up nearly 7 points on the day. Earnings are expected on May 21st.
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