U.S. stock futures are headed higher this morning. The major market indices are once again headed toward record highs. Investors are anxiously awaiting a first look at fourth-quarter 2017 GDP, with analysts targeting 3% growth. December durable goods orders and advance trade goods are also due out this morning.

Heading into the open, Dow Jones Industrial Average futures are up 0.12%, S&P 500 futures are have added 0.26% and Nasdaq-100 futures are up 0.39%.

Turning to the options pits, volume fell from Wednesday’s activity but was still above average. About 22.4 million calls and 15.9 million puts changed hands on the session. The CBOE single-session equity put/call volume ratio rebounded to 0.56. The 10-day moving average fell to its lowest point in nearly four years at 0.53.

Taking a closer look at Thursday’s options activity, Intel Corporation (NASDAQ:INTC) calls proved to be smart money ahead of last night’s earnings. Meanwhile, Ford Motor Company (NYSE:F) bullish bets failed to pay off after guidance missed the mark. Starbucks Corporation (NASDAQ:SBUX) puts are gaining ground following a weak report.

Intel Corporation (INTC)

After the close last night, Intel reported another blowout quarter. The company said fourth-quarter earnings were $1.08 per share on revenue of $17.05 billion. Wall Street was looking for 87 cents per share on revenue of $16.34 billion.

Looking ahead, Intel placed first-quarter earnings at 65 cents to 75 cents a share on revenue of $14.5 billion to $15.5 billion. The consensus estimate rests at 72 cents on revenue of $15.03 billion.

INTC stock is up more than 6% on the news, confirming Thursday’s bullish call options traders. Volume for Intel stock options rose to 256,000 contracts, with call accounting for only 56% of the day’s take.

The February put/call open interest ratio of 0.96 also indicates hesitation on the part of INTC options traders. It will be interesting to see if traders grow more bullish after earnings despite the security threats still looming for Intel chips.

Ford Motor Company (F)

Ford stock fell nearly 4% yesterday as traders panned the company’s mixed fourth-quarter report. While earnings and revenue were generally in line with expectations, full-year guidance of $1.45 to $1.70 per share was largely below the consensus for $1.63 per share.

But Ford stock options traders appear to be betting on a rebound in the shares. Volume yesterday came in at 200,000 contracts, with calls making up 61% of the activity. Furthermore, the February put/call OI ratio of 0.79 is more optimistic than one would expect given F stocks poor price action of late.

Ford stock is approaching technical support near $11-$11.50, and traders may be looking for a rebound from these levels.

Starbucks Corporation (SBUX)

Starbucks also offered up a mixed fourth-quarter earnings report yesterday. Quarterly results came in at 65 cents per share on revenue of $6.1 billion. Analysts were looking for earnings of 57 cents per share on revenue of $6.2 billion. Global sales were a highlight, rising 2% and driven by 6% growth in China.

The hitch for Starbucks stock traders, however, was the company’s warning that 2018 global cafe sales growth would be at the low end of its forecast. Furthermore, Starbucks said that holiday drink sales fell flat stateside compared to typically robust sales.

SBUX stock options traders were not as forgiving as Ford options traders. Volume for Starbucks rose to 184,000 contracts, with puts claiming 60% of the day’s take. The short-term outlook is just as bearish. SBUX’s February put/call OI ratio currently rests at 0.93. With little to drive bullish sentiment, Starbucks stock could be in for an extended decline.

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