Smart money does not sell calls against a company that is about to announce the largest share buyback in history.
The idea that a company with a PE ratio under 9, growing revenue and a $137B (three months ago) war chest needs to crush earnings or see its stock get destroyed is absurd. When Apple finally gets around to presenting its plan to return value to shareholders the results will be staggering. Apple can issue a $50B buyback, keep $100B and distribute all future earnings to shareholders. That would give it an amazing 12% yield.
If somehow the sky has fallen and earnings to drop by a third that still leaves investors with an 8% yield. With a return like that who cares what absurd price Wall Street gives the shares.