Caterpillar (NYSE: CAT) has been the center of some heavy put trading this afternoon. Nearly 30,000 call contracts have crossed the tape, which is more than 2 times the stock's average daily call trading volume of 11,058 contracts.
Digging into today's activity, the April 30 put is the most active, with 13,800 contracts trading on open interest of 29,939 contracts. At 11:09 a.m. Eastern time, a block of 5,500 contracts changed hands at a bid price of $0.57, indicating that the block of contracts may have been sold.
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