This morning, earnings rolled in from Weatherford International (WFT: sentiment, chart, options) , which revealed a profit of $264.2 million, or 76 cents per share, down from its year-ago earnings of $281.6 million, or 81 cents a share. Earnings from continued operation remained at 82 cents per share. Excluding non-recurring items, income from continued operation was $351 million, or $1.01 per share, edging ahead of the Street estimate of $1 per share. Revenue during the quarter climbed 19% to $2.2 billion. WFT posted North America revenue of $1.09 billion, up from $1.01 billion a year earlier. Latin America revenue increased to $236 million from $205.9 million. Europe, West Africa and CIS revenue rose to $347.6 million from $245 million

In other news, the firm's board also declared a 2-for-1 stock split.

Ahead of the company's earnings report, the shares leapt nearly 7% on Friday to tag a new annual high of $85.57. From a longer-term perspective, the equity has been in an uptrend since February 2007, rising along support from its 10-week and 20-week moving averages. However, the shares appear poised to open lower this morning despite the positive news as some traders may be looking to take some profits off the table following the company's earnings report.

Not surprisingly, investors are quite optimistic when it comes to WFT. The stock's Schaeffer's put/call open interest ratio stands at 0.54, as call open interest nearly doubles put open interest among near-term options. This reading is also lower than 89% of all those taken during the past 52 weeks.