14000 calls and 5640 puts traded on FedEx (FDX) so far today. Shares are up $3.24 to $90.74 after Credit Suisse upgraded the stock to Outperform from Neutral. Dec 90 calls have traded 6157X and 65 percent trading at the ask. Dec 95 and 100 calls are seeing interest as well. Earnings also come into play before the expiration. FDX is due to report Dec 16, before market, and the day before expiration Friday. Implied volatility is flat at 29.