Juniper Networks (JNPR) is on the upswing, with the stock catching a 6% boost Wednesday morning on the heels of a well-received fourth-quarter earnings report. Juniper reported a quarterly profit of $190.2 million, or 35 cents per share, substantially improved from its year-ago results of $22.9 million, or 4 cents per share. Excluding items, earnings improved to 42 cents from 32 cents per share on a year-over-year basis.

Meanwhile, revenue for the quarter increased 26% to $1.19 billion. Gross margin retreated slightly, falling to 66.6% from 67.1%.

Retailer J. Crew Group (JCG) is scheduled to take its turn in the earnings spotlight tomorrow, and option volume is rising as traders anticipate the quarterly results.

Today's activity appears to be primarily bullish in nature; in the early hours of the session, one speculator initiated a bull put spread by simultaneously selling JCG's out-of-the-money June 40 put, and simultaneously purchasing an equivalent number of June 37.50 puts.

Netflix (NFLX) fans are taking a cautious approach toward the titan of DVD rentals, judging by Wednesday's option activity. During the course of the session, a pair of neutral-to-bullish bettors opted to initiated short put spreads on the stock, in an attempt to capitalize on solid technical support for the shares.

First up, one trader purchased 75 contracts of the April 65 put, while simultaneously selling 75 contracts of the April 70 put. Meanwhile, a little later in the session, another speculator opened a similar spread by purchasing 50 contracts of the May 55 put, and selling 50 contracts of the May 60 put.

Alternative energy issue First Solar, Inc. (FSLR) attracted the attention of a skeptical options trader today. Not long after the opening bell, a skeptically skewed short call spread crossed the tape on FSLR, with the speculator betting on lackluster price action during the short term.

Around 10:35 a.m., a block of 236 April 120 calls traded near the ask price, suggesting they were purchased. Simultaneously, a matching block of 236 April 115 calls changed hands near the bid price, indicating they were most likely sold. With FSLR trading around $110 at last check, both of these options are out of the money.

Apparently, AMGN's confidence is not contagious, with the stock trading fractionally lower at last check. In fact, the stock is now hovering below short-term support from its 10-day moving average, which has been breached only once on a daily closing basis since early November.