U.S. stock futures are headed higher this morning, as Wall Street weights its options ahead of the latest round of corporate earnings and a smattering of economic data. Among today’s earnings headliners are Twitter Inc (NYSE:TWTR), The Coca-Cola Co (NYSE:KO) and Nvidia Corporation (NASDAQ:NVDA), while weekly jobless claims and wholesale inventories round out the economic reports.

At last check, futures on the Dow Jones Industrial Average were up 0.16%, with S&P 500 futures rising 0.16% and Nasdaq-100 futures up 0.1%.

On the options front, volume surged to well above average on Wednesday, driven mostly by Apple Inc. (NASDAQ:AAPL) call traders looking to capture roughly $3.1 billion in dividends. Overall, about 16.9 million calls and 12.7 million puts changed hands yesterday. Over on the CBOE, the single-session equity put/call volume ratio slipped to 0.69, though the 10-day moving average ticked higher once again to yet another three-month high at 0.71.

Turning to Wednesday’s volume leaders, Apple call traders scrambled to get a chunk of the roughly $3.1 billion in dividends the company will be paying out on Feb. 16, to  those who were shareholders as of yesterday. Meanwhile, Gilead Sciences, Inc. (NASDAQ:GILD) retreated on mixed options volume as guidance for its hepatitis C treatment was lower than expected, and Advanced Micro Devices, Inc. (NASDAQ:AMD) was bolstered by supportive comments from BMO Capital.

Apple Inc. (AAPL)

In a frenzy that pushed Wednesday’s total overall options volume well above the daily average, Apple call traders flooded the stock with in-the-money Feb contracts. Total volume rocketed to a near-term high of more than 4.2 million contracts, with calls gobbling up 88% of the day’s take.

The most popular strikes were the Feb $125 and Feb $120 calls, where Trade-Alert.com notes that a plethora of 12,000 and 13,500 contract blocks traded late in yesterday’s session.

For traders who managed to gain control of AAPL stock shares by the close last night, Apple is paying out 57 cents per share on Feb. 16 — for a rough total of about $3.1 billion to all shareholders of record.

Gilead Sciences, Inc. (GILD)

Bright and early yesterday morning, Gilead posted a fourth-quarter profit of $2.70 per share on revenue of $3.1 billion. While both figures were down year-over-year, Gilead managed to beat Wall Street’s expectations for the quarter. Guidance, however, was another matter.

It seems that Gilead’s blockbuster hepatitis C drug was considerably more effective than expected, all but curing the disease and lowering expectations for sales in 2017. Going forward, Gilead expects to sell between $7.5 billion and $9 billion worth of hep-C treatments, far below Wall Street’s expectations for $12 billion.

Options traders were torn on GILD stock’s reaction. Volume tagged over 554,000 contracts, with calls eking out 53% of the day’s take. Still, with GILD plunging more than 8.6% yesterday, the shares are now trading well below all major call accumulations in the Feb series, while the roughly 19,000 puts at the Feb $70 strike are trading nearly four-points in the money.

With GILD at its lowest point since 2014, some of yesterday’s call action may have been bargain hunting in a bid for an oversold bounce for the shares.

Advanced Micro Devices, Inc. (AMD)

When BMO Capital commented on PC and laptop sales for January and February, it wasn’t exactly the most bullish of outlooks. Sales were slightly lower than expected in January and February’s outlook was similar, with the Chinese New Year affecting demand. However, BMO said that its “outperform” rating for AMD wouldn’t be affected, and the uptick in demand following the Chinese New Year may actually help AMD.

With the shares riding high following rumors of an Intel Corporation (NASDAQ:INTC) licensing deal, it was all the nudge AMD bulls needed to double down on call options. Volume on Wednesday remained strong at 355,000 contracts, while calls snapped up 70% of the day’s take.

AMD is now trading well north of most major call accumulations in the Feb series, with only the roughly 8,000 contracts at the $14 strike remaining in its way. Meanwhile, most options traders have narrowed their focus to the Feb $13.50 strike, especially put traders, with about 10,000 of these bearish bets now residing at the strike.

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