U.S. stock futures are headed lower this morning, as the major market indexes are set to retreat ahead of a trio of speeches from the Federal Reserve and an update on fourth-quarter gross domestic product. What’s more, Wall Street is still trying to find its feet after last week’s GOP health care failure raised doubts about the strength of President Trump’s agenda.

Heading into the open, futures on the Dow Jones Industrial Average are down 0.03%, while S&P 500 futures have shed 0.05%, as are Nasdaq-100 futures.

On the options front, volume continued to trickle lower on Wednesday, as only about 13.1 million calls and 10.6 million puts changed hands on the session. On the CBOE, the single-session equity put/call volume ratio dropped to a one-month low of 0.54, driving the 10-day moving average lower to 0.64.

Driving Wednesday’s options volume, Apple Inc. (NASDAQ:AAPL) rallied to new all-time highs after analysts at UBS said AAPL stock could go as high as $200 in two to three years. Elsewhere, General Motors Company (NYSE:GM) continued to push back against David Einhorn’s Greenlight Capital and its plans to split GM stock into two investor classes. Finally, Chesapeake Energy Corporation (NYSE:CHK) surged more than 7% following a spike in oil prices and President Donald Trump’s energy policy order.

Apple Inc. (AAPL)

Another day, another all-time high, another bullish analyst note for Apple. Yesterday, UBS AG analyst Steven Milunovich said that he believed that AAPL stock could rise as high as $200 in the next two to three years. That said, Milunovich reiterated his “buy” rating and $151 price target for AAPL, and said that $175 was a more likely target for the shares.

AAPL stock has hit back-to-back all-time highs in the past two sessions, helping to drive heavy call volume on the shares. In fact, more than 1.3 million contracts traded on Apple Wednesday, keeping the total north of the one-million mark all week. Calls made up a well-above-average 69% of the day’s take.

However, this recent attention to AAPL calls appears to be mostly short-term profit taking. Specifically, the April put/call open interest ratio ticked higher once again, coming in at 0.96 after hitting 0.95 yesterday and 0.90 on Monday. Once again, this could be a warning sign of weakness for Apple over the next month.

General Motors Company (GM)

After surging nearly 6% on Tuesday, GM stock took a breather on Wednesday. The recent volatility was related to GM’s rejection of proposals from activist investor David Einhorn and Greenlight Capital. Greenlight has been trying to load GM’s board of directors in its favor as part of a move to get the U.S. automaker to split its shares into a dual-class status. Analysts at Moody’s have said that such a move would be “credit-negative” for GM.

Options traders apparently view the rejection positively, as call options were popular yesterday. Total volume arrived at 294,000 contracts, with calls snapping up 73% of the day’s take.

Turning to the April series, GM call traders have their sights set on the out-of-the-money $40 strike, where more than 27,000 contracts currently reside. Put traders, meanwhile, are targeting the in-the-money April $36 strike, with 22,000 contracts. This positive skew, and relative lack of heavy out-of-the-money put OI could have bullish implications for GM stock over the near term.

Chesapeake Energy Corporation (CHK)

CHK stock soared nearly 8% higher on Wednesday, after oil supply disruptions in Libya led to a week-over-week drop in global supplies and a rise in oil prices. What’s more, President Trump signed an executive order to roll back Obama-era energy regulations, promising more jobs, clean coal and expanded land rights for oil and natural gas production. While analysts believe the former two points are highly unlikely, the latter are certainly in the cards, and Chesapeake Energy could benefit from natural gas expansion.

Options traders are also liking CHK stock’s prospects. On Wednesday, the shares saw volume top 268,000 contracts, with calls accounting for a hefty 83% of the day’s take.

As I noted earlier this week, CHK stock has considerable short-term potential for options traders, and yesterday’s rally puts the shares close to breaking above resistance at $6. Just be on the lookout for a short-term pullback from $6 before the shares head higher once again.

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