U.S. stock futures are trading lower once again this morning, as Wall Street digests the aftermath of the surprise firing of FBI Director James Comey and President Donald Trump’s unpredictable behavior. If there’s one thing traders don’t like, it’s unpredictability. Furthermore, Snap Inc (NASDAQ:SNAP) is applying additional pressure to Nasdaq-100 futures, with SNAP stock down more than 20% following a severe earnings miss.

Against this backdrop, futures on the Dow Jones Industrial Average are off 0.09%, while S&P 500 futures have fallen 0.19% and Nasdaq-100 futures are lower by 0.19%.

On the options front, volume was quite brisk on Wednesday as about 18.3 million calls and 12.2 million puts changed hands yesterday. Roughly 4.2 million of those calls were driven by options traders rushing to implement dividend-capture strategies on Apple Inc. (NASDAQ:AAPL) ahead of today’s ex-dividend date. Over on the CBOE, the  single-session equity put/call volume ratio ticked lower to 0.62, and the 10-day moving average logged its fifth-consecutive finish at 0.66.

Driving Wednesday’s options activity, Apple stock trades ex-dividend today but the company also took aim at wearables competitor Fitbit Inc (NYSE:FIT) by snapping up sleep tracking company Beddit. Elsewhere, Advanced Micro Devices, Inc. (NASDAQ:AMD) benefited from Nvidia Corporation’s (NASDAQ:NVDA) earnings halo effect and received a boost from bullish commentary from Bank of America. Finally, Snap drew mixed options activity ahead of last night’s abysmal first-quarter earnings report.

Apple Inc. (AAPL)

AAPL stock trades ex-dividend today, with traders of record as of the close last night due to receive a payout of 63 cents per share on May 18. With nearly 4.2 million contracts trading on Apple stock yesterday, and 92% of those crossing as calls, you can bet that options traders were chomping at the bit to get their hands on that dividend payout.

In less volatile Apple news, the company took direct aim at Fitbit by addressing the only real shortcoming between the two companies wearables products: sleep monitoring. With the Apple Watch proving a bit too bulky for such a task, Apple bought sleep tracking company Beddit on Tuesday. Terms of the deal have yet to be announced.

Advanced Micro Devices, Inc. (AMD)

AMD stock received a double shot in the arm yesterday. The first was blowout quarterly earnings from competitor Nvidia, which handily topped Wall Street’s expectations and issued guidance above current consensus targets. The second was a bullish note from analysts at Bank of America, which maintained its “buy” rating and $16.50 price target. According to BofA, AMD has shipped 307,000 Ryzen units this quarter — 76% of which were high-end products that should boost operating margins “well above” the Street’s expectations.

Call options were hot and heavy on AMD on Wednesday, with these typically bullish contracts making up 78% of the more than 490,000 crossing the tape. Data from Trade-Alert.com, however, points out a rather interesting bullish setup for AMD.

Specifically, a block of 40,000 May $12 calls traded for the bid price of 6 cents, or $6 per contract. At the same time, 20,000 May $11.50 calls traded for the bid price of 14 cents, or $14 per contract. However, implied volatility rose on the May $11.50 contracts, indicating that they may have been bought to open instead of sold.

In short, this may have been a May $11.50/$12 ratio spread with a total ask price of just 2 cents, or $2 per pair of contracts, and a maximum profit of 48 cents, or $48 per pair of contracts — which would be realized if AMD closes at $12 when May options expire at the end of next week (that’s a more than 2000% gain in less than two weeks!)

Snap Inc. (SNAP)

Facebook Inc (NASDAQ:FB) may no longer be cool with the younger generation, but it still has it where it counts: money. That’s something social media upstart Snap proved it still needs quite a bit of work to figure out. In Snap’s earnings debut as a publicly traded company, the firm posted a loss of $2.31 per share (due mainly to IPO-related stock-based compensation), missing expectations for a loss of just 17 cents per share. Revenue came in $8 million below expectations at $150 million, but daily active users, which rose to just 166 million versus expectations for 167.3 million, was the real killer for SNAP stock.

SNAP stock options traders were wary ahead of last night’s report, and rightly so. Volume accelerated to 484,000 contracts, with calls only eking out 54% of the day’s take.

Looking out to June options, however, it seems SNAP options traders were already preparing for a selloff, as the June put/call open interest ratio has ballooned to a reading of 1.17, with puts easily outnumbering calls among back-month options. What’s more, peak put OI for the series, totaling 3,900 contracts at the $20 strike, could open 2 points in the money this morning if SNAP’s premarket losses carry over into the open.

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