U.S. stock futures are headed higher in premarket activity, as Wall Street looks to follow crude oil prices higher … after following them lower yesterday. Oil was last seen up nearly 1% at $50.93 after Saudi Arabia said that OPEC would likely extend the group’s production cuts into the second half of 2017.

Meanwhile, economic data brings weekly jobless claims, the April Philly Fed index and the March reading on leading indicators.

Against this backdrop, futures on the Dow Jones Industrial Average have added 0.21%, S&P 500 futures are up 0.3% and Nasdaq-100 futures are leading the way with a gain of 0.4%.

On the options front, volume held the line on Wednesday, with about 13.7 million calls and 14.7 million puts crossing the tape. Puts were also more active than usual on the CBOE, as the single-session equity put/call volume ratio jumped to 0.70, driving the 10-day moving average to a three-month high.

Turning to Wednesday’s most active options, Qualcomm, Inc. (NASDAQ:QCOM) saw mixed activity ahead of its quarterly earnings report, which topped analyst expectations. International Business Machines Corp. (NYSE:IBM), meanwhile, saw heavy put volume following the company’s 20th straight quarter of declining revenue. Finally, eBay Inc (NASDAQ:EBAY) options traders were also on the fence ahead of last night’s first-quarter results.

Qualcomm, Inc. (QCOM)

Qualcomm’s licensing row with Apple Inc. (NASDAQ:AAPL) cast a shadow over what otherwise were solid quarterly results. For the quarter, Qualcomm said adjusted earnings were $1.34 per share on sales of $6 billion, besting Wall Street’s expectations for $1.19 per share on revenue of $5.86 billion.

However, for the second quarter, Qualcomm lowered its projections from a range of $1.15 to $1.25 per share to 67 cents to 92 cents per share due to uncertainty surrounding its legal battle with Apple.

Options traders were already betting on uncertainty, as puts made up 56% of the more than 355,000 contracts traded on QCOM stock yesterday. What’s more, that trepidation has carried over into the May options series, where the put/call open interest ratio has ballooned to a reading of 1.35, with puts easily outnumbering calls among soon-to-be front-month options.

Furthermore, peak May put OI totals more than 30,000 contracts at the just out-of-the-money $52.50 strike, hinting that options traders are looking for further downside for QCOM stock — possibly as a result of its legal troubles with Apple.

International Business Machines Corp. (IBM)

IBM stock plunged nearly 5% yesterday to breach its 2000-day moving average and test support near $160 after the company continued to see year-over-year declines in sales. Bottom line results came in above expectations $2.38 per share, but sales were light at $18.2 billion, missing expectations for $18.37 billion. The brokerage community responded immediately with ire, including price target cuts from RBC Capital (from $185 to $180) and DrexelHamilton (from $215 to $200).

IBM options traders appeared torn between betting on an extended decline and looking for support to kick in near $160. Total volume rose to nearly 282,000 contracts, with activity split nearly down the middle. However, negativity reigns in the May series for IBM, as the put/call OI ratio currently rests at 1.94, as puts nearly double calls among near-term options.

Still, peak OI for the series numbers 9,400 contracts at the $125 strike, and appears to be of the sell-to-open variety — in other words, IBM options traders at the May $125 strike seem to be selling premium and banking on technical support to keep the strike out of the money.

eBay Inc (EBAY)

Finally, eBay joined the tide of quarterly earnings reports last night, offering up better-than-expected first-quarter results of 49 cents per share on revenue of $2.217 billion. Wall Street was looking for 48 cents per share on $2.206 billion in revenue. However, eBay guidance was light, coming in at 43cents – 45 cents per share on $2.28 billion to $2.32 billion in revenue, compared to analyst expectations for 48 cents per share and $2.32 billion in sales. eBay did reaffirm its full-year guidance, however.

Wednesday was a day for mixed options activity, and EBAY stock was no exception. Volume arrived at a near-term high of 212,000 contracts, with calls eking out a minor win at 53% of the day’s take. Looking out to May, however, we find a wealth of bullish optimism from the speculative options crowd. In fact, the May put/call OI ratio currently rests near an annual low at 0.39, with calls almost tripling puts for the series.

The most popular May strike is the $35 call, where more than 16,500 contracts are currently open. Another 9,900 calls are also open at the May $40 strike, as EBAY options traders were apparently expecting a solid rally from the shares into next month.

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