Applied Materials (AMAT, news, chart) is due to report earnings after the close of trading, but investors don’t seem to expect the stock to do much on the news. With two hours remaining in Tuesday’s trading session, shares are up 6 cents to $18.52. Trading in the options market is equally uneventful, with 14,000 AMAT calls and 7,800 puts trading on the session. Implied volatility in the August options is near 65 percent, compared to 37 percent for the September options. The skew hints at a possible earnings gap move of 4 percent, or 75 cents a share.

The relative lack of anxiety might stem from AMAT’s recent track record of topping analyst estimates, which it has done during each of the past four quarters by an average of 2.5 cents a share. For the most recent quarter, analysts expect the semiconductor equipment maker to post 14 cents a share. 25 analysts offer coverage on the stock and the range between high and low estimates is 11 to 21 cents.