U.S. stock futures are headed higher this morning, as traders go bargain hunting following Wall Street’s four-day skid. Nike Inc (NYSE:NKE), however, is creating a bit of drag in the retail clothing sector, after forecasting that weak sales in North America would continue through the second quarter.

Still, stocks are moving higher for the most part, with futures on the Dow Jones Industrial Average up 0.13%, S&P 500 futures rising 0.19% and Nasdaq-100 futures gaining 0.27%.

In the options pits, volume was anemic on Tuesday. Only about 12.8 million calls and 10.1 million puts changed hands on the session. On the CBOE, the single-session equity put/call volume ratio rose to 0.69, while the 10-day moving average hit another one-month high at 0.64.

Taking a closer look at Tuesday’s volume, Micron Technology, Inc. (NASDAQ:MU) attracted a wealth of call option volume ahead of last night’s fourth-quarter earnings report. Those bulls are being rewarded this morning. Meanwhile, Nike attracted the flip side of the options coin, with puts piling up ahead of its fiscal first quarter report. Finally, Alibaba Group Holding Ltd (NYSE:BABA) announced plans to invest $15.2 billion to expand its global logistics and delivery network.

Micron Technology, Inc. (MU)

After the close last night, Micron reported fourth-quarter earnings of $2.02 per share on revenue that surged 91% year over year to $6.14 billion. The figures blew past Wall Street’s expectations, with analysts looking for earnings of $1.83 per share on revenue of $5.96 billion.

While MU only added about 3.5% immediately following the report, the shares are up an impressive 6% in premarket trading.

Heading into the report, MU options traders loaded up on calls. Volume topped 375,000 contracts, nearly tripling Micron’s daily average. Furthermore, calls made up 72% of the day’s take. MU is poised to open north of peak October call open interest, which totals more than 103,500 contracts at the $35 strike.

But MU call traders are quite ambitious, and another 46,000 rest at the Oct $38, while about 78,000 are open at the Oct $40 strike. It will be interesting to see if MU’s momentum can carry the stock north of those levels before expiration.

Nike Inc (NKE)

Compared to Micron, NKE stock is in the exact opposite situation this morning. Nike reported positive first-quarter earnings results, with earnings of 57 cents per share on flat revenue of $9.06 billion.

Analysts were looking for earnings of 48 cents per share on $9.06 billion in sales. However, Nike said that weak North American sales would continue into the second quarter, prompting a backlash from investors.

NKE stock is down over 3% in premarket trading as a result.

Options traders appeared to have expected the decline. Volume on Tuesday rose to 171,000 contracts, roughly 6.5 times the stock’s daily average. Puts made up the majority of this activity, claiming 54% of the day’s take.

Pessimism is even more dominant in the front-month October series, where the put/call OI ratio rests at 1.15. Should NKE’s losses carry over into the open, it will put peak October put OI of 21,000 contracts at the $52.50 strike solidly in the money.

Alibaba Group Holding Ltd (BABA)

Alibaba is ramping up its international growth. The company pledged yesterday to invest $15.2 over the next five years to strengthen and expand its global logistics and delivery networks.

Part of that plan includes a $807 million investment in Cainiao Smart Logistics Network — a Chinese logistics and delivery firm. Alibaba said its goal is to fill orders in China within 24 hours and globally within 72 hours.

Options traders cheered the news, and the prospect for BABA stock to rebound from the recent tech selloff. Volume rose to over 189,000 contracts on BABA on Tuesday, with calls making up 62% of the day’s take.

Overall sentiment is largely mixed, however, with the October put/call OI ratio arriving at 0.81. This ratio is rising, however, hinting at growing bullish expectations for BABA stock.

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