U.S. stock futures are mixed this morning after the major market indices managed to eke out gains heading into the weekend. Wall Street will be eyeing economic data today and a key speech from President Donald Trump later in the week. Reports on January durable goods and pending home sales will arrive later this morning, while Trump will speak before Congress tomorrow, where he is expected to offer details on his tax and healthcare plans.

Heading into the open this morning, futures on the Dow Jones Industrial Average are down 0.06%, while S&P 500 futures are up 0.05% and Nasdaq-100 futures are down 0.19%.

On the options front, Friday saw continued below-average activity as only about 15.1 million calls and 14.2 million puts changed hands. Turning to the CBOE, the single-session equity put/call volume ratio leapt to 0.72 on a surge in put activity, driving the 10-day moving average higher to 0.61.

Turning to Friday’s volume leaders, Apple Inc. (NASDAQ:AAPL), the best performing Dow stock of 2017, continued to see heavy call speculation amid a week of rumors surrounding the iPhone 8, while Amazon.com, Inc. (NASDAQ:AMZN) attracted mixed options activity heading into Sunday’s Oscars. Finally, J C Penney Company Inc (NYSE:JCP) was hit with heavy put volume after announcing it would close 130-140 underperforming stores.

Apple Inc. (AAPL)

Up more than 17% year-t0-date, Apple has emerged as the best-performing stock on the Dow Jones Industrial Average this year. AAPL stock enjoyed considerable speculation last week, as investors turned their attention to the coming iPhone 8, with buzz ramping up around new features like a glass sandwich design, borderless OLED screen, wireless charging and a revolutionary new camera.

As for Friday’s options activity, the 744,000 contracts traded on AAPL arrived just behind Bank of America Corps (NYSE:BAC) 819,000 contracts as the second most traded option on the day. That said, calls accounted for a below-average 56% of the day’s take.

In fact, the overall trend in AAPL’s options pits has been toward short-term put activity, with the March put/call open interest ratio ballooning to a perch at 1.46. Peak put OI for the series totals more than 45,000 contracts at the $130 strike, with another 40,000 at the $135 strike. With the Trump rally looking stretched thin, options traders may be attempting to call a top to AAPL’s 2017 run — or at least anticipating a correction in the short term.

Amazon.com, Inc. (AMZN)

Amazon trumped streaming giant Netflix, Inc. (NASDAQ:NFLX) in the Oscars last night, walking away with three of the golden statues compared to Netflix’s solitary figure. Amazon took home best original screenplay and best actor for Casey Affleck’s performance in “Manchester by the Sea,” as well as best foreign language film for “The Salesman.” With a trio of Oscars now added to its accolades, Amazon’s Prime streaming service could now see a boost going forward.

Given Friday’s mixed options activity, Amazon investors may not be big Oscars buffs. Volume came in at a respectable 343,000 contracts, though calls only made up 51% of the day’s activity. Looking out to March, options traders remain decidedly bearish on AMZN stock’s prospects.

Specifically, the March put/call OI ratio currently rests at 1.27, with puts outnumbering calls among near-term options. Peak March put OI totals roughly 3,000 contracts at the $830 strike, with another 2,300 at the $800 strike. While the $830 strike puts may be bets against AMZN, the $800s are more than likely put sell positions banking on technical support in the region.

J C Penney Company Inc (JCP)

An earnings beat just isn’t an earnings beat when same-store sales fall year-over-year and store closings are in the offering. J C Penney posted better-than-expected fourth-quarter earnings of $192 million, or 61 cents per share, compared with a loss of $131 million, or 43 cents, last year. Revenue slipped 0.9% to $3.96 billion.

Yet the company announced it was closing 130-140 stores in underperforming markets as same-store sales fell 0.7%, compared with 4.1% growth a year ago.

The continued restructuring sent JCP options traders in search of protection, with puts snapping up 51% of the more than 311,000 contracts traded on Friday. What’s more, put buying was the order of the day, with Trade-Alert.com data showing that a large block of 10,000 May $6 puts traded at the ask of 41 cents, or $41 per contract. JCP last traded below $6 in early December 2014, and a break below this long-term support level could be disastrous for the shares.

As of this writing, Joseph Hargett did not hold a position in any of the aforementioned securities.