Bearish flow noted in Caterpillar (CAT) with 8,340 puts trading, or 1.1x expected. Most active are 10/24 weekly 520 puts and Nov-25 450 puts, with total volume in those strikes near 1,600 contracts. The Put/Call Ratio is 2.43, while ATM IV is up over 1 point on the day. Earnings are expected on October 29th.
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