UPS adds 31 cents to $70.30 and is perhaps getting a lift from yesterday’s Credit Suisse upgrade of FedEx (FDX). Shares of FedEx are up 5 percent on the week. Meanwhile, options action is heating up in UPS Tuesday. 31,000 calls and 7,000 puts traded on the shipping company through midday. The top trade is a block of 3773 Dec 72.5 calls at 37 cents on CBOE when the market was 34 to 38 cents. 13,371 now traded vs. 4,958 in open interest. Dec 70, Jan 70, Jan 72.5 and Jan 75 calls are seeing interest as well. Implied volatility is up 5 percent to 21.