U.S. stock futures are mixed this morning, as caution takes hold of Wall Street ahead of a flood of corporate earnings reports and the start of the Federal Open Market Committee monetary policy meeting. The Federal Reserve is expected to hold interest rates steady, but analysts will scrutinize any policy statement for signs of commentary on the recent slowdown in the U.S. economy.

Against this backdrop, futures on the Dow Jones Industrial Average and S&P 500 are off slightly, with Nasdaq-100 futures up 0.12%.

On the options front, Monday’s volume dipped to arrive below average for the past three weeks. Overall, about 13.7 million calls and 10.9 million puts changed hands yesterday. On the CBOE, the single-session equity put/call volume ratio fell to a one-week low of 0.62, driving the 10-day moving average lower again to 0.65.

Driving Monday’s options activity, Advanced Micro Devices, Inc. (NASDAQ:AMD) saw an uptick in call volume heading into last night’s quarterly report, though the results this morning are heavily favoring the bears. Elsewhere, Twitter Inc (NYSE:TWTR) drew heavy call volume after announcing 12 new live TV streaming deals and detailing a plan to be a leading online live streaming provider. Finally, Tesla Inc (NASDAQ:TSLA) is seeing mixed options action as the company prepares to head into the earnings confessional after the close tomorrow afternoon.

Twitter Inc (TWTR)

Fresh off a better-than-expected quarterly earnings report, Twitter parlayed the rising bullish sentiment among TWTR stock traders into another impressive gain yesterday. The company announced “plans to become a 24/7 live streaming video network at its NewFront presentation in New York,” CNBC reported. Twitter announced 12 new live deals for content, including sports, news and entertainment.

“We want to be the first place that anyone hears of anything that’s going on that matters to them,” said CEO Jack Dorsey told NewFront attendees.

TWTR options traders chased the stock higher on Monday, with calls snapping up 72% of the more than 394,000 contracts traded on the stock. What’s more, TWTR’s May put/call OI ratio has moved sharply lower in the past two weeks, dropping from a reading north of 1.0 to its current perch at 0.79, as traders add calls at a faster rate than puts. TWTR is now trading north of most major call accumulations in the May series, and traders will have to decide to take profits, or roll out and up for additional potential gains.

Tesla Inc (TSLA)

Options traders are gearing up for Tesla’s turn in the earnings confessional this week. Yesterday saw TSLA shares attract more than 335,000 contracts in volume. However, sentiment is mixed on the stock’s prospects, with calls only eking out 52% of yesterday’s total. Still, the overall bias is upward, with the 5 May put/call OI ratio arriving at 0.68. Currently, 5 May implieds are pricing in a potential post earnings move of about 5.5% for TSLA stock.

By the numbers, analysts are expecting Tesla to post a loss of 67 cents per share on revenue of $2.52 billion. EarningsWhispers.com places the whisper number at a loss of 91 cents per share, hinting at very low expectations from the Street. But unit deliveries could be the make-or-break number for Tesla. After topping 25,000 deliveries in the first quarter, the company is on track to hit its first-half projections for deliveries between 47,000–50,000 vehicles.

Advanced Micro Devices, Inc. (AMD)

AMD stock has plunged more than 13% so far this morning, as hyped up investors punish the company for a poor quarterly earnings report. In the first-quarter, AMD said it lost 4 cents per share, on an adjusted basis, in line with analysts expectations. However, revenue came up shy of consensus estimates, arriving at $391 million versus the Street’s view for $442.1 million. Guidance for second-quarter margins was also worrisome, dropping to 33% from 34% in the first quarter.

Options traders were optimistic heading into the event, as calls made up 69% of the more than 635,000 contracts traded on AMD stock yesterday. Looking out to May options, the put/call open interest ratio had dipped to 0.78 ahead of AMD’s quarterly report — an indication of rising optimism.

However, with AMD stock set to open south of all major call accumulations in the May series, we could see some readjustments in today’s trading, especially as put traders rush to take advantage of AMD’s plunge.

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