By Pete Najarian, co-founder of OptionMonsterNEW YORK -- FedEx ( FDX) reports earnings Wednesday before the bell, and traders are looking for the stock to deliver. OptionMonster's tracking programs detected a roll up from the June 105 calls to the July 110s. They sold the 105s for 52 cents and bought the 110s for 59 cents, so the transaction cost a net 7 cents. Calls lock in the price where they can buy shares in the parcel company, providing cheap exposure to a rally. They can also generate some nice leverage if the stock pushes higher. FedEx shares rose 1.09% to $99.48 Tuesday. The company is in the process of trying to adjust as customers slowly move away from the most expensive express-delivery services, partly by controlling costs. Rolling those contracts out to June also helped them avoid losing money into expiration this Friday. Calls outpaced puts by 24,000 to less than 13,000, a reflection of the bullish sentiment. Total option volume in the name was eight times greater than average in the session. Najarian owns FDX calls.