111,000 calls traded on Wal-Mart (WMT) ahead of earnings, tomorrow before the bell. The activity represents 3X the average daily and compares to 37,000 puts. The world’s largest retailer, and Dow component, is expected to report a quarterly profit of 81 cents per share (with a range of estimates between 79 and 84). The company beat by an average of 2 cents during the past three quarters, but missed by 4 cents (72 vs. 76) one year ago. Sentiment seems upbeat this time around. Not only are calls very active, but shares are up five of the past six days (5.5 percent) heading into the news. Implied volatility (average) is 24.6 (+.2) and little changed on the day.