Meta Platforms (META) and Microsoft (MSFT) aren't the only Dow stocks moving after earnings today.
Caterpillar Inc (NYSE:CAT) shares were last seen up 2.7% to trade at $660.78, after the company's fourth-quarter earnings of $5.16 per share and revenue of $19.13 billion both surpassed estimates. AI data center demand is helping drive power-equipment growth, though the machinery name also warned of an estimated $2.6 billion tariff headwind in 2026.
Today's pop has CAT surging to record highs, earlier trading as high as $679.35. The 50-day moving average has helped guide the shares higher since May, and year over year,
the equity sports a 66.4% lead.
Plenty of options traders appear to be betting on a short-term dip after today's surge, as puts are being picked up at double the intraday average pace. The weekly 1/30 700-strike call is the most popular contract, followed by the weekly 1/30 615-strike put, with new positions opening at the former.
Puts have been more popular than usual leading up to today, too. CAT's 10-day put/call volume ratio of 1.36 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) sits higher than 94% of readings from the past year.
What's more, CAT's Schaeffer's Volatility Scorecard (SVS) sits at a relatively high 89, indicating Caterpillar's stock has tended to exceed option traders' volatility expectations during the past year.
