Payment Infrastructure firm, First Data (FDC) is getting hammered today on what amounted to a very modest revision to 2018 EPS guidance, almost entirely due to adverse foreign currency swings (as opposed to anything fundamental in their business). As of this writing, the stock is at $18.50 down over $3.00 on the day. Another classic case of many market participants being heavily offsides ahead of an earnings release, and hence the stock gets taken to the woodshed. This is especially evident if you look at the open interest in options land ahead of the report, which was extremely tilted to the November expiration $22-26 strike calls. Some people appear to be bracing for further weakness as the Nov $19 and $18 puts are actively being traded (one player rolled a significant put position down from the $21 strike to the $19 strike in big size). However there are some people taking a bit longer term and more positive view on this situation as the January expiration $21 calls have traded over 12,000 contratcs with most being purchased around $.75. With its 200 day moving average at $20.25, much of the damage appears to have been done, with support zones on a longer term chart evident from $17.5 to $18.5 zip code.