U.S. stock futures are mixed heading into the last day of February, as Wall Street prepares for President Donald Trump’s address to Congress later tonight. Trump is expected to address a wide range of topics, including his tax plan, health care and infrastructure spending. The speech has the potential to make or break the “Trump trade,” with the Dow Jones Industrial Average already sitting on a record run of 12 straight all-time high closes in a row.

Against this backdrop, futures on the Dow Jones Industrial Average are flat, while S&P 500 futures are down 0.08% and Nasdaq-100 futures are up 0.02%.

On the options front, Monday’s volume was anemic, as only about 13.5 million calls and 11.5 million puts changed hands. Turning to the CBOE, the single-session equity put/call volume ratio whipsawed to 0.62 from Friday’s perch at 0.72, sending the 10-day moving average down a notch to 0.60.

Turning to Monday’s volume leaders, Advanced Micro Devices, Inc. (NASDAQ:AMD) surged more than 7.7% amid strong call options activity amid rising hype for its Ryzen CPU release and reports that Intel Corporation (NASDAQ:INTC) was cutting prices across the board. Elsewhere, Mondelez International Inc (NASDAQ:MDLZ) saw unusual options activity as speculation that Kraft Heinz Foods Co (NYSE:HNZ) could target the company for acquisition. Finally, Valeant Pharmaceuticals Intl Inc (NYSE:VRX) saw mixed speculation ahead of this morning’s quarterly report.

Advanced Micro Devices, Inc. (AMD)

I expected AMD stock to take off, but I didn’t expect the hype surrounding Ryzen to hit the shares so quickly. The official gag order on Ryzen reviews will be lifted later this week, but unofficial benchmark testing and additional information is already hitting the major tech new sites.

What’s more, Intel is apparently getting really worried. The company typically flexes its industry muscles by dealing in production and supplier channel deals, saving product pricing cuts for last. But, reports are emerging across the internet that Intel is already slashing prices across the board on its i7 chips in anticipation for Ryzen’s release.

And AMD options traders smell blood in the water. On Monday, more than 672,000 contracts traded on AMD stock, with calls gobbling up a near-term high 67% of the day’s take. Looking out to the March series, call trades are tiering up, with 21,000 contracts at the $14 strike, 14,000 at the $15 strike and another 5,000 at the $16 strike.

After yesterday’s rally to a nine-year high, all but the $16 strike call are now trading in the money. That March $15/$16 bull call spread I suggested yesterday is looking pretty solid right now.

Mondelez International Inc (MDLZ)

MDLZ stock has been quite volatile of late. The shares surged in mid-December following rumors that Kraft-Heinz could be interested in merging with or acquiring the Oreo maker. Kraft’s push to acquire Unilever N.V. (ADR) (NYSE:UN) put those hopes on hold, but Unilever’s rebuff of Kraft’s deal has put MDLZ stock back in play as a potential merger/takeover target.

So, when MDLZ stock dipped 3.5% yesterday, options traders saw this as an opportunity to jump on the shares ahead of any potential deal making. In fact, more than 359,000 contracts traded on MDLZ stock yesterday, with puts claiming 52% of the day’s take. However, the most interesting action appeared to be conducted by one rather major credit spread.

Specifically, according to data from Trade-Alert.com, one trader bought to open 80,000 MDLZ March $46 calls and sold 80,000 March $37 puts. Per the average bid/ask spread, the trade went off for a credit of 26.5 cents, or $26.50 per contract. Times 80,000 contracts, and that’s a $2.12 million bull credit spread, with the trader retaining the premium if MDLZ holds above $37 and increasing their profit if the shares rally north of $46.

Valeant Pharmaceuticals Intl Inc (VRX)

After rallying more than 3.2% on Monday heading into this morning’s quarterly report, VRX stock is down more than 5% in pre-market action. The company reported a profit of $1.26 per share on revenue of $2.4 billion, topping expectations for earnings of $1.20 per share on sales of $2.3 billion. The company said it expects 2017 revenue of $8.90 billion to $9.10 billion, surrounding the Street’s view of $8.96 billion.

VRX has actually seen some rather heavy whipsaw action in pre-market trading, with the shares initially jumping as much as 4.4% immediately following earnings, only to quickly reverse course.

Options traders were expecting some volatility, however. Volume on Monday topped 237,000 contracts, with calls and puts split down the middle. If the losses carry over into the open, VRX will trade below peak 3 March put OI of 6,600 contracts at the $16 strike, with roughly 6,300 contracts at $15.50 potentially next in line to trade in the money. A breach of newly acquired support in the $16 region could be a bearish signal for VRX stock going forward.

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