The shares of McKesson Corporation (NYSE:MCK) are up 1% at $161.48 at last check, after an upgrade from Deutsche Bank to "buy" from "hold." The analyst in coverage was also one of no fewer than eight analysts to hike up its price target after yesterday's positive fiscal first-quarter report in which both earnings and revenue beat estimates, and its full-year outlook impressed. 

Extending yesterday's gap higher, MCK is trading at levels not seen since early June. The stock has landed the last two months in the red, but is starting August out strong. Year-to-date the equity is up 15.6%. 

Coming into today, eight of the 13 analysts in coverage sport a "buy" or better rating, with the remaining five at a tepid hold," and no sells in sight. Meanwhile, the 12-month consensus target price of $184.38 is a 15.2% premium to last night's close. 

When weighing in on McKesson stock, options could be a good way to go. The stock's Schaeffer's Volatility Index (SVI) of 33% stands higher than just 13% of all other readings in its annual range, implying that options players are pricing in relatively low volatility expectations at the moment. 

The shares of Tyson Foods, Inc (NYSE:TSN) are up 3% at $63.30 at last check, after the company's impressive fiscal third-quarter earnings beat. Though announcing revenue below estimates, Tyson Foods reported profits of $1.40 per share, higher than the 94 cents anticipated by analysts. The firm did add that it sees COVID-19 increasing operating costs and slow sales volumes into the next year. Separately, Tyson named President Dean Banks as its new CEO. 

With support at its 20-day moving average since mid-July, the shares of Tyson have been trading mostly sideways, though today's pop has the equity breaking out atop recent pressure at the 120-day moving average for the first time since January. Despite today's positive price action, the equity is still down 30.8% year-to-date. 

On the analyst front, three out of the eight in coverage sport a "strong buy" rating, while the remaining five stay hesitant at a "hold." Meanwhile, the 12-month consensus price target of $72.74 is an 15% premium to current levels. 

The options pits have been looking bullish ahead of today's event, with 3.49 calls bought for every put during the last 10 weeks at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX). This ratio stands higher than 84% of readings from the past year, suggesting a healthy appetite for long calls of late. 

That said, speculating on TSN's next move with options could be a prudent play. The stock's Schaeffer's Volatility Index (SVI) of 44% stands higher than just 17% of all other readings in its annual range, implying that options players are pricing in relatively low volatility expectations at the moment. 

The shares of United Parcel Service Inc (NYSE:UPS) are soaring, up 13.1% at $139.86 at last check, following a positive fiscal first-quarter report. The company reported earnings per share of $2.13, exceedingly higher than the estimated $1.07 per share, and better-than-expected revenue. 

Today's rally had UPS earlier gapping to a new record high of $145.47. Meanwhile, the $135 region, which capped the stock's former record high at the start of 2018, swooped in to catch today's lows. In the past six months, the equity has added 30.4%. 

Analysts are split, with seven out of 17 sporting a "strong buy," seven at a tepid "hold," and three at a "strong sell." Meanwhile, the 12-month consensus target price of $110.83 is a 21.3% discount to current levels, meaning a round of price-target hikes could be on the horizon. 

The options pits are looking much more bullish, per UPS' 50-day call/put volume ratio of 2.62 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX). This ratio stands higher than 98% of readings from the past 12 months, indicating that traders have been particularly call-heavy in the last 10 weeks. 

Today, options are running at 10 times the usual daily volume, with 114,000 calls and 29,000 puts across the tape so far. Most popular are the weekly 7/31 145- and 140-strike calls, with new positions being opened at both. This means traders are betting on more upside for UPS by tomorrow's expiration. 

Meanwhile, an unwinding of short interest could help push United Parcel Service stock higher as well. The 18.08 million shares sold short represent a 2.6% of the stock's available float, or over four days' worth of pent-up buying energy, at the stock's average pace of trading.