Stocks are marginally lower this afternoon, as investors await another barrage of earnings reports, with names such as Advanced Micro Devices (AMD), Alphabet (GOOGL), and Microsoft (MSFT) all set to step into the earnings confessional after the close. At last check, the Dow Jones Industrial Average (DJI) is down about 43 points. The S&P 500 Index (SPX) and tech-heavy Nasdaq Composite (IXIC) are lower as well, following yesterday's record-breaking closes. Meanwhile, traders are also keeping an eye on the Federal Reserve's two-day policy meeting. 

One stock seeing an unusual amount of options activity today is FedEx Corporation (NYSE: FDX), amid news that the delivery specialist is partnering with Adobe (ADBE) to provide innovative e-commerce solutions. So far, 27,000 calls and 12,000 puts have crossed the tape, triple the intraday average amount. Most popular is the weekly 4/30 300-strike call, followed by the 290-strike call from the same series, with new positions being opened at both. The equity was last up 5.1% to trade at $289.81, bouncing off the 40-day moving average to rise back above the $290 level. The security is still looking to reclaim its Dec. 9, all-time high of $305.66, while sporting an 11.7% rise in 2021.

Near the top of the Nasdaq, today is First Choice Bancorp (California) (Nasdaq: FCBP), last seen up 27.1% at $30.88, after the company announced first-quarter profits and revenue that beat Wall Street's estimates. Separately, it was announced that Enterprise Financial Services (EFSC) will acquire First Choice for just under $400 million. As a result, the security earlier soared to a nearly three-year high of $30.89 and is poised to close above the $25 level for just the second time in a year. Today's positive price action also represents the equity's second-largest percentage jump ever.

Meanwhile, near the bottom of the Nasdaq is Hydrofarm Holdings Group Inc (Nasdaq: HYFM), last seen down 14.2% at $53.15, after the company announced a 4 million share offering, as well as the acquisition of plant nutrients firm Heavy 16 for $78 million. The security is now slipping below the 10-day moving average and the $56 level. Today's negative price action also has HYFM falling back toward its 2021 breakeven, as its up just 2.6% year-to-date.