U.S. stock futures continue to tread water below breakeven this morning, as Wall Street appears unwilling to take any major stances ahead of Wednesday’s Federal Reserve policy decision. Meanwhile, Wall Street itself is under threat of a blizzard bearing down on New York, which may impact trading volume for the day, but isn’t expected to delay the Federal Open Market Committee meeting.

Heading into the open, futures on the Dow Jones Industrial Average were last seen down 0.28%, while S&P 500 futures dropped 0.33% and Nasdaq-100 futures are off 0.25%.

On the options front, volume was anemic on Monday, with only about 12.2 million calls and 9.8 million puts changing hands. Over on the CBOE, the single-session equity put/call volume ratio whipsawed back to 0.70 amid heavy put volume, pulling the 10-day moving average higher to 0.63.

Turning to Monday’s volume leaders, Apple Inc. (NASDAQ:AAPL) saw increased call volume after Credit Suisse lifted its price target on iPhone 8 sales projections. Elsewhere, Mobileye NV (NASDAQ:MBLY) rocketed onto the top ten most active options listing after Intel Corporation’s (NASDAQ:INTC) $15.3 billion buyout, and Micron Technology, Inc. (NASDAQ:MU) saw heavy call volume with earnings looming next week.

Apple Inc. (AAPL)

Apple’s unreleased iPhone 8 continued to draw hype on Monday, as traders reacted to a Credit Suisse research note. The brokerage firm reiterated its “outperform” stance, boosted its AAPL stock price target to $160 from $150 and said it expected moderate growth from the iPhone 8 of about 100 million to 110 million units in the devices initial run.

Turning to Monday’s options activity on AAPL, we see a bit less enthusiasm than usual. Total volume rose to over 490,000 contracts, with calls only eking out 54% of the day’s take — well below their usual 62%.

This waning bullish bid is also apparent in Apple’s April series, where the put/call open interest ratio has risen to a near-term high of 0.83. In other words, puts are gaining on calls in terms of popularity on AAPL stock, hinting that options traders may be anticipating a correction in the shares.

Mobileye NV (MBLY)

Shares of Mobileye rocketed more than 28% yesterday after Intel announced it was buying the automated driving chip-maker for $15.3 billion. The deal marks yet another consolidation in the semiconductor and automotive sector, as chip makers increase their bets that driverless cars are the wave of the future.

Mobileye makes chip-based camera systems that power semiautomated driving features on cars already in production, including a partnership between Intel and BMW AG. The acquisition will merge Intel’s auto-driving unit with Mobileye under the latter’s leadership.

Options traders were, naturally, quick to jump on the deal. More than 356,000 contracts traded on MBLY stock yesterday, with calls accounting for 64% of the day’s take. Monday’s volume was also more than the sum of all OI in the front two months for MBLY, indicating that longer-term traders piled into the shares in search of arbitrage plays ahead of the buyout finalization.

Micron Technology, Inc. (MU)

Micron’s quarterly report is just over a week away, and options traders are already gearing up for the event.  More than 334,000 contracts traded on MU yesterday, with calls snapping up an impressive 78% of the day’s take. Checking in on 24 March options activity, we find a put/call OI ratio of 0.24, with calls more than quadrupling puts among those contracts most affected by next week’s earnings report.

Implieds are pricing in a potential move of about 8.7%, putting the upper bound at $27.72 and the lower bound at $23.28.

By the numbers, Micron is expected to post a profit of 88 cents per share, on revenue of about $4.65 billion.

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