Looking at options trading activity among components of the Russell 3000 index, there is noteworthy activity today in FedEx Corp (FDX), where a total volume of 11,590 contracts has been traded thus far today, a contract volume which is representative of approximately 1.2 million underlying shares (given that every 1 contract represents 100 underlying shares). That number works out to 80.1% of FDX's average daily trading volume over the past month, of 1.4 million shares..