U.S. stock futures, after pointing toward a 200-point drop on the open for the Dow Jones Industrial Average earlier, have leveled out. The drop is an add-on to yesterday’s 700-point plunge driven by fears of a China/U.S. trade war. This week, President Donald Trump pushed ahead with $60 billion in tariffs on China, which has promised retaliatory action.

As a result, investors are fleeing stocks in favor of gold and the Japanese yen, which is trading near its highest levels since the 2016 presidential election.

Against this backdrop, Dow futures are roughly flat, S&P 500 futures have risen 0.1% and Nasdaq-100 futures have dropped 0.1%.

Turning to the options pits, speculative traders finally gave a nod to protection and put trading yesterday. About 19.5 million calls and 22.3 million puts changed hands on the session. The CBOE single-session equity put/call volume ratio raced higher to 0.74. The 10-day moving average hit a one-month high of 0.63.

Taking a closer look at yesterday’s options activity, Micron Technology, Inc. (NASDAQ:MU) calls were quite popular ahead of earnings. Meanwhile, Apple Inc. (NASDAQ:AAPL) options traders took heart in a bullish Morgan Stanley note. Finally, pressure deepened on Facebook, Inc. (NASDAQ:FB) as the #DeleteFacebook movement picked up steam.

Micron Technology, Inc. (MU)

Micron Technology’s second-quarter earnings report was nothing short of stellar. Earnings came in at $2.82 per share, 8 cents better than the consensus. Revenue rose 8% year-over-year to $7.35 billion, also topping the Street’s target.

Operating cash flow rose to  $4.35 billion, more than double the same quarter a year ago. Gross margins improved 3% from last year to 58.1%. Micron even had a positive outlook for the next quarter and full year.

And yet, even that wasn’t enough to impress bullish investors. MU stock is down roughly 3% in premarket trading after falling about 3.5% yesterday. Here’s hoping yesterday’s MU stock options traders were taking profits.

Volume yesterday rose to over 428,000 contracts with calls making up a whopping 68% of the day’s take. This enthusiasm has spread far and wide for MU stock. Looking out to April, the put/call open interest ratio has fallen to a reading of 0.58, with calls nearly doubling puts. I would expect this bullish sentiment to take a considerable hit following the stock’s recent plunge.

The good news is that MU’s long-term uptrend is still in tact. As long as the rest of the market holds up, Micron’s post-earnings dip might be a buying opportunity.

Apple Inc. (AAPL)

Is Apple stock a bargain right now? That’s the question that always pops up when the stock enters an extended period of decline. AAPL shares have fallen steadily since hitting a near-term peak on March 12. Morgan Stanley took up the bullish mantle for Apple yesterday, echoing this sentiment.

The ratings firm came out yesterday and said that while iPhone sales will likely never be what they once were, the Apple platform would make up the difference. “Some investors fear Apple’s best days are behind it … We disagree and see increasing value in the Apple platform, particularly through Services monetization,” Morgan Stanley said.

The services argument has been around for a while, but Apple stock options traders appeared to buy into the notion once again. Volume yesterday came in at 534,000 contracts, with calls making up 61% of the day’s take. However, bearish activity has ramped up throughout AAPL’s March decline.

Specifically, the April put/call OI ratio has trended higher, arriving at 0.84 this morning. Given the recent attention to Apple call options, it’s likely that these traders are taking profits instead of adding new positions. This shift in sentiment could have bearish implications for AAPL stock.

Facebook, Inc. (FB)

Live by the sword, die by the sword. It’s an ancient axiom that still holds true today. Just ask Facebook. Coming off a deluge of negative media headlines due to the Cambridge Analytica debacle, Facebook is now facing pressure from #DeleteFacebook  trending on social media. The trend has grown so quickly that analysts at Bank of America responded.

“With ‘#deletefacebook’ hashtags trending and the onslaught of negative Facebook headlines (Uber had a similar situation last year), we have to consider the potential that some portion of users reduce usage of the platform,” BofA told CNBC yesterday. The brokerage maintains a “buy” on FB stock, but said the current trend could pressure ad revenue.

Options traders have backed off of FB stock calls significantly in the past week. Volume yesterday surged to 702,000 contracts, more than double Facebook’s daily average. Furthermore, calls only made up 57% of the day’s take, down from a typical 64%.

This growing pessimism is even more clear in Facebook’s April series. The front-month put/call OI ratio has soared to a reading of 0.84 in the past two weeks, and appears headed north of 0.90 or even 1 as puts gain popularity.

As of this writing, Joseph Hargett held no positions on any of the aforementioned securities.