Earnings Preview: FedEx Corporation, Jabil Circuit, Inc., and Silver Wheaton Corp.

Among the stocks gearing up to report earnings tomorrow are package delivery expert FedEx Corporation (NYSE:FDX), semiconductor concern Jabil Circuit, Inc. (NYSE:JBL), and precious metals producer Silver Wheaton Corp. (USA) (NYSE:SLW). Below, we'll break down how options traders are positioning themselves, and how much speculators are willing to pay for their bets on FDX, JBL, and SLW.

• Shares of FedEx Corporation have advanced 28.4% over the past 12 months, and the stock is up 0.4% today at $177.97. Accordingly, bullish sentiment in the options pits is nearing fever pitch, as FDX's 10-day International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) call/put volume ratio of 3.01 stands just 2 percentage points away from an annual peak. Meanwhile, in the session immediately following its last four earnings reports, FDX has gained an average of 1.4%, including a 6.2% gain in June. Near-term options are available for historically average prices, as the stock's Schaeffer's Volatility Index (SVI) of 23% sits in the 56th percentile of all similar readings taken over the past year.


• JBL has been a technical outperformer, with the shares advancing 22.7% year-over-year to hit $22.57, including a 1.6% gain today. Accordingly, calls have been popular in the options pits, as Jabil Circuit, Inc.'s 50-day ISE/CBOE/PHLX call/put volume ratio of 10.76 is in the 97th annual percentile. However, in the session immediately following its last six earnings reports, JBL has shed an average of 4.7%. Traders are paying relatively modest prices for their short-term bets on the stock, as its SVI of 32% sits in the 41st percentile of its annual range.


• On the other hand, SLW has been a technical laggard, with the shares down 28.4% year-over-year to reach $18.50. Puts have been prominent in the options pits, as Silver Wheaton Corp.'s Schaeffer's put/call open interest ratio (SOIR) of 0.79 sits in the 82nd percentile of its annual range. Traders hoping for a post-earnings drop have history on their side -- in the session immediately following its last four earnings reports, SLW has lost an average of 1.1%, including a 5% fall in August. Short-term options are available for middling prices, as the stock's SVI of 39% sits in the 47th percentile of its annual range.