IDCC straddle

IDCC's earnings are coming out May 7. I think that a straddle is a good idea for two reasons:
1) There is a good chance that the stock will actually move more than 15% in either direction after they report earnings.
2) The VIX dropped below 20 - I think that we will see a rebound. This is just a hunch - it seems low when compared to the last 6 months.
The details:
May '08, Strike 22.5 call @ 0.35
May '08, Strike 17.5 put @ 0.40