Amazon.com Inc (NASDAQ:AMZN) stock is down 3.7% at $230.04 at last check after the company issued weaker-than-expected guidance for the current quarter. The e-commerce giant forecasts first-quarter sales between $151 billion and $155.5 billion, falling short of analysts’ $158.5 billion projection.

Despite the cautious outlook, Amazon’s fourth-quarter earnings and revenue exceeded expectations. The mixed report prompted a flurry of analyst activity, with at least 10 firms raising their price targets, while four lowered their projections. Rosenblatt and Deutsche Bank were among the most optimistic, setting targets at $287, while Wells Fargo took a more conservative stance, cutting its target to $207.

Options traders have jumped into the action, with more than 655,000 calls and 338,000 puts exchanged -- five times the intraday average volume. Positions are being opened at the most active contract, which is the weekly 2/7 235-strike call, with contracts expiring at the end of today’s session.

Despite today’s pullback, AMZN remains just below its Feb. 4 all-time high of $242.52. The security is finding support at its 20-day moving average and the $230 level, helping it hold onto a 5.2% year-to-date gain. Over the past year, Amazon stock has climbed an impressive 36%.

Citigroup downgraded Nike Inc (NYSE:NKE) stock to "neutral" from "buy," and lowered its price target to $72 from $102, with the firm citing a disappointing meeting with the retailer's CEO. The stock is down 3% to trade at $69.59 at last glance, with Deutsche Bank chiming in with its own price-target cut to $77 from $84.

NKE is pacing for its third-straight loss, as well as its worst weekly performance since June. The security carries a 32.8% year-over-year deficit, and earlier gapped to a four-year low of $69.41, breaching a floor at the $70 region that contained its January pullback amid long-term pressure from its 100-day moving average.

Options volume is running at double the intraday average volume, with 38,000 calls and 30,000 puts exchanged so far today. The most active contract is the January 70 put, with new positions being opened there.

At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), NKE's 50-day call/put volume ratio of 2.32 ranks higher than 88% of readings from the past year. This indicates traders have been much more bullish than usual.

Regardless of direction, options are an attractive route. This is per the equity's Schaeffer's Volatility Index (SVI) of 28%, which stands in the 18th percentile of the last 12 months.

Video game giants Electronic Arts Inc (NASDAQ:EA), Roblox Corp (NYSE:RBLX), and Take-Two Interactive Software, Inc (NASDAQ:TTWO) are filing in and out of the earnings confessional. Let's take a closer look at some of the results and overall market activity below.

Electronic Arts Reveals Buyback Plan

EA was last seen up 0.1% at $130.63 at last glance, after the company missed fiscal third-quarter earnings and revenue expectations on Tuesday and cut its full-year sales outlook. However, Electronic Arts also unveiled a $1 billion share buyback program that helped the stock score a 7.6% gain  -- its largest since May 2022. Shares shed 18.4% in the past three months, even though they are now distancing themselves from a Jan. 24, 52-week low of $115.21.

RBLX Pulls Back from Multi-Year Highs

Despite hitting multi-year highs in the previous session, RBLX is down 13.6% to trade at $65.24 at last check. Though the gaming concern saw smaller-than-expected losses per share for the fourth quarter, a revenue miss and dismal annuals bookings forecast are weighing today. RBLX could mark its worst single-day percentage loss since May, but added 115.4% in the last nine months.

TTWO Cools Before Earnings

Take-Two Interactive stock is taking a breather before the company reports fiscal third-quarter results after today's close. Shares were last seen down 0.7% at $183.69, with a long-term floor at $177 and sporting a 32.5% three month-lead. The Grand Theft Auto parent has a solid post-earnings track record, with shares finishing six of the last eight sessions higher. This time, the options pits are pricing in a 10% swing, regardless of direction, which is larger than the 5.5% move TTWO averaged in the last two years.

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Honeywell International Inc (NASDAQ:HON) announced plans to split into three independent companies following pressure from activist investor Elliott Management. The multinational conglomerate intends to separate its aerospace unit from its automation business and move forward with spinning off its advanced materials division.

Additionally, the blue-chip firm provided a lighter-than-expected 2025 forecast, projecting adjusted earnings between $10.10 and $10.50 per share, falling short of the FactSet consensus estimate of $10.92.

In response to the flurry of updates, HON was last seen 4.4% lower at $212.65, marking its lowest level since early November. The equity recently pulled back to its 200-day moving average, which previously contained a sharp late-October selloff near the $203 level. Honeywell International stock now carries a 5.7% year-to-date deficit.

The stock's typically quiet options pits are buzzing with activity today. So far, 11,000 calls and 2,966 puts have traded hands -- 5 times the average intraday volume -- with the March 240 call seeing the most action.

Shares of semiconductor stocks Arm Holdings PLC (NASDAQ:ARM), Qualcomm Inc (NASDAQ:QCOM), and Skyworks Solutions Inc (NASDAQ:SWKS) are gapping lower after their respective earnings reports. Below, let's take a look at the results and the negative reactions.

Arm Misses on Revenue

ARM is down 3.8% to trade at $166.76 at last glance, after the company missed fiscal third-quarter revenue estimates and trimmed its full-year forecast. Nevertheless, nine analysts raised their price targets, including Rosenblatt Securities to $225 from $180. Shares still boast a 125% year-over-year lead, with support at their 20-day moving average poised to contain today's losses.

Drilling down to today's options activity, 45,000 calls and 36,000 puts have crossed the tape, which is five times the volume typically seen at this point. New positions are now being opened at the most popular contract, which is the weekly 2/7 170-strike call.

QCOM Brushes Off Bull Note

Qualcomm announced better-than-expected earnings and revenue for the fiscal first quarter, but unveiled a disappointing growth outlook for its patent licensing business. The stock was last seen down 5.1% to trade at $166.92, brushing off Deutsche Bank's price-target hike to $175 from $170. Today testing a floor at the $167 level, QCOM still added 20.5% in the last 12 months.

Overall options volume is today running at seven times the intraday average volume, with 32,000 calls and 25,000 puts exchanged. Most active is the weekly 2/7 170-strike call, where new positions are being opened.

SWKS Eyes Worst Day Ever

Underperforming its peers, SWKS is down a whopping 26.2% to trade at $64.26 at last glance, well on its way to its worst single-day percentage loss on record. While the firm beat profit estimates for the fiscal first quarter, its fiscal second-quarter forecast missed the mark. In the last 12 months, the stock shed more than 38%.

In response, Mizuho and Stifel downgraded the stock to "neutral" and "hold" from "buy" and "outperform," respectively, with Rosenblatt Securities mirroring the former. Shares also attracted at least eight price-target cuts, with both Susquehanna and  J.P. Morgan Securities lowering their objectives to $70 from $100. Brokerages are already leaned bearish prior to today, with 20 of 25 in coverage sporting a "hold" or worse rating.