The large skew indicates that the market is bracing for short-term volatility in Harley Davidson ahead of its earnings report, and the defensive put activity seems to suggest that some traders are concerned that the volatile move might be to the downside.
It appears that options traders are bracing for volatility in Heinz and the increase in call volume suggests that many are positioning for a move higher. This might be due to the acquisition talks, but also an earnings report due out before the opening bell on February 28.