Bearish flow noted in Caterpillar (CAT) with 5,337 puts trading, or 1.8x expected. Most active are Aug-25 420 puts and 8/1 weekly 435 calls, with total volume in those strikes near 880 contracts. The Put/Call Ratio is 1.57, while ATM IV is up over 2 points on the day. Earnings are expected on August 5th.
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