U.S. stock futures are trading broadly higher this morning, led by strong tech-sector earnings. Facebook, Inc. (NASDAQ:FB) and Advanced Micro Devices, Inc. (NASDAQ:AMD) both reported stronger-than-expected earnings after the close last night.

The bullish boost to sentiment came just as yield on the 10-year Treasury note tested and held at 3%.

Heading into the open, Dow Jones Industrial Average futures are up 0.22%, S&P 500 futures have gained 0.33% and Nasdaq-100 futures have gained 0.87%.

Turning to the options pits, volume backed off on Wednesday. Call activity fell back to 17.4 million while put volume came in at 16.2 million. Both totals were north of 19 million on Tuesday. Over on the CBOE, the  single-session equity put/call volume ratio rose to 0.70. The 10-day moving average ticked higher once again to 0.65.

Leading Wednesday’s activity, options activity was mixed on both Facebook and AMD stock ahead of their respective quarterly reports. Both stocks are trading sharply higher this morning. Meanwhile, General Electric Company (NYSE:GE) saw a reversal in sentiment after Moody’s put the company on negative credit watch.

Facebook Inc. (FB)

Facebook stock is set to open more than 7% higher this morning after topping Wall Street’s earnings expectations. For the first quarter, Facebook said it earned  $1.69 per share, compared to the consensus estimate for $1.35 per share. Revenue soared to $11.97 billion, ahead of the $11.4 billion expected by Wall Street. What’s more, 91% of revenue came from Facebook’s mobile ad network.

Options traders were a bit wary ahead of the report. Volume surged to 509,000 contracts, but calls only made up 56% of the activity. On average, FB calls typically make up 62% of daily activity, making yesterday’s volume a bit bearish.

FB options speculators will likely now take profits from weekly April 27 positions and/or roll them out, possibly into the May series. Currently, the May put/call open interest ratio rests at 0.73. Look for this reading to fall in the coming week as bullish positions are rolled out.

Advanced Micro Devices, Inc. (AMD)

Advanced Micro Devices crushed concerns about the company’s growth yesterday. After the close, AMD blew past first-quarter earnings and revenue expectations and lifted second-quarter guidance. The highlight of the report was that Computing and Graphics Business revenue soared 95% year-over-year to $1.12 billion.

“PC, gaming and datacenter adoption of our new, high-performance products continues to accelerate,” said Lisa Su, AMD’s president and CEO.

Like FB, AMD options traders were hesitant ahead of the report. Volume was impressive at almost 341,000 contracts, or nearly double AMD’s daily average. Calls, however, only made up 56% of the day’s take.

AMD could also be a source of call liquidation today, as the shares are up more than 9% ahead of the open. There are more than 20,900 calls currently open at the weekly April 27 series $10.50 strike that are set to open in the money this morning.

Meanwhile, the May series is heavily laden with calls, with the put/call OI ratio rests at 0.55. Given persistent uncertainty in the semiconductor space, I wouldn’t be surprised to see this ratio rise amid a round of profit taking.

General Electric Company (GE)

GE received a much needed sentiment boost following it’s first-quarter earnings report last week. But yesterday GE bulls were reminded that the company is far from out of the woods just yet. Moody’s cut its credit outlook on GE to “negative” following a review of last week’s quarterly report.

The reason behind the downgrade was simple:  GE said it set aside $1.5 billion to cover fines from its the activities of GE Capital’s mortgage lending division prior to the 2008 financial crisis.

Still, GE options traders tried to remain optimistic. Volume rose to 307,000 contracts, with calls making up 57% of the day’s take. Call activity has been on the rise for GE since Friday, and maintained a positive balance yesterday. Traders will want to keep a close eye on call OI levels going forward, however, as a reversal in sentiment could signal a resumed decline for GE stock.

As of this writing, Joseph Hargett was long on Advanced Micro Devices, Inc. (AMD) stock.