U.S. stock futures are trending higher this morning, as Wall Street looks toward softening trade rhetoric from the White House on Japan and China. Furthermore, while there is a lack of economic data, President Donald Trump is scheduled to meet with Canadian Prime Minister Justin Trudeau. On the corporate front, Verizon Communications Inc. (NYSE:VZ) is making headlines after offering its first unlimited wireless data plan since 2011.

At last check, futures on the Dow Jones Industrial Average were up 0.27%, with S&P 500 futures rising 0.22% and Nasdaq-100 futures up 0.16%.

On the options front, volume was brisk on Friday, with about 17.3 million calls and 14.8 million puts changing hands on the session. Over on the CBOE, the single-session equity put/call volume ratio rose to 0.70, but the 10-day moving average ticked lower to 0.70.

Turning to Friday’s volume leaders, Nvidia Corporation (NASDAQ:NVDA) saw mixed options activity and dropped 2.4% on Friday despite posting record holiday quarter earnings results. Meanwhile, Twitter Inc (NYSE:TWTR) puts were active after the company logged its 10th straight year-over-year drop in quarterly revenue and Activision Blizzard, Inc. (NASDAQ:ATVI) announced blowout results and a $1 billion buyback program.

Nvidia Corporation (NVDA)

Nvidia traders were looking for a reason — any reason — to take profits off the table after the stock returned to all-time-high territory near $120 last week. And they got it in Thursday night’s quarterly report. Despite record earnings of 99 cents per share and sales of $2.2 billion — both of which beat Wall Street’s targets of 83 cents per share on revenue of $2.1 billion — traders instead focused on Nvidia’s conservative first-quarter guidance of $1.9 billion (plus or minus two percentage points), versus expectations for $1.88 billion.

NVDA stock dropped nearly 2.4%, pushing the shares below their 10-day moving average and driving heavy put volume heading into the weekend. In total, NVDA saw 828,000 contracts cross the tape on Friday, with puts and calls nearly split on the session.

That said, NVDA is still trading north of peak Feb call and put open interest at $110, which totals 9,000 and 14,000 contracts, respectively. Additionally, while put adds were seen building at the Feb $107 strike, so too were traders targeting the Feb $115 call strike. Once profit taking plays out, NVDA should begin to move higher once again.

Twitter Inc (TWTR)

TWTR stock continued to see fallout from its disastrous fourth-quarter earnings report. The struggling social media firm logged its 10th straight year-over-year quarterly decline and its slowest revenue growth since it went public four years ago.

Many TWTR bulls were hoping that Twitter would get a “Trump bump” from the political stir President Donald Trump has caused since his election, but ad revenue from the increased Twitter attention didn’t materialize.

The poor report sent many scrambling for the exits, and TWTR options traders flooded the stock with puts on Friday. Total volume rose to 609,000 contracts, with calls snapping up 55% of the day’s take. Twitter is now trading at its lowest point since June last year, with the dip below $16 threatening to push the stock below peak Feb put OI of nearly 20,000 contracts at the $15 strike.

And there are plenty of put traders looking for just such a break later this week, with 11,800 Feb $13 put contracts and another 7,200 puts open at the Feb $14 strike. TWTR stock is trading slightly higher in premarket action this morning, and it may be only a matter of time before takeover and buyout rumors start swirling once again.

Activision Blizzard, Inc. (ATVI)

With graphics chip makers Advanced Micro Devices, Inc. (NASDAQ:AMD) and Nvidia reporting record holiday profits, it should come as no surprise that one of the largest video game makers in the world would also post a blowout quarter. Activision Blizzard said it earned 92 cents per share in the fourth quarter, besting the consensus by 19 cents. Revenue also topped the Street’s view, coming in at $2.45 billion.

But while ATVI surged nearly 19% on Friday, options traders didn’t appear to be chasing the stock. Total volume came in at 316,000 contracts, with calls only managing 52% of the day’s take. In fact, puts easily outnumber calls in the Feb series, indicating that ATVI options traders are looking for a correction or a pullback in short order.

That said, ATVI is trading well north of all major call and put OI in both the Feb and March series, and it could be a bit before options traders adjust to the stock’s new perch in the $47 region.

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