Caterpillar (CAT) is up 68 cents to $62.82 and recent trades include 38K Aug 55 puts at $2.45 per contract. The block was bought on AMEX and tied to 990K shares at $62.94. Looks like a new position in anticipation of heightened volatility in the months ahead. Shares are up 23.7 percent since February 8 and implied volatility in CAT options has eased from about 43 percent to 32 percent during that time. In stock news, WSJ reported on Mar 24 that CAT will take a $100 million first quarter charge because of health bill. Next earnings expected around April 20.