Autodesk Inc. (NASDAQ: ADSK), a leader of 2D and 3D design software, is at $40.48. ADSK is scheduled to report Q1 EPS on May 15. Goldman Sachs says, "we think it is less likely that shares will rise on earnings."

ADKS May 40 straddle is priced at $2.15, June 40 is at $4.05. ADSK June option implied volatility of 40 is near its 26-week average of 38 according to Track Data, suggesting non-directional price movement after EPS.

Option Update is provided by Stock Specialist Paul Foster of theflyonthewall.com.