An Oct. 28 pre-earnings snapshot put Alphabet’s implied share move at 5.8%, above Microsoft’s estimate of less than 5%, as options markets priced a wider potential reaction for Alphabet ahead of both reports.
Cboe LiveVol data showed the implied moves before the companies’ results, which were scheduled for after the U.S. market close. The figures capture market expectations ahead of the releases, not the companies’ results or their later share performance.
Barchart data put Microsoft’s put-call ratio at 0.59, up from a June low of 0.43. Alphabet’s ratio was 0.72, its highest since August. Both ratios remained below 1 over the prior year, indicating calls outnumbered puts during that period.
Cboe data cited by CNBC showed 435,000 Alphabet options traded Tuesday. Nearly 102,000 call trades appeared to be initiated by buyers, compared with 54,000 by sellers; the remainder were near the midpoint, CNBC said.
SpotGamma’s analysis pointed to a possible single buyer in Alphabet’s January-expiry $360-strike calls. The activity was spread across eight trades of 2,850 contracts each; the contract year was not specified.
CNBC also reported that a trader bought 2,271 contracts in a $350/$365 call spread shortly before noon ET. The outlet said the position targeted a move to $365, about 13% above Alphabet’s share price at the time.
Alphabet said it would release third-quarter results before its 4:30 p.m. ET (20:30 UTC) call. Microsoft scheduled its fiscal 2027 first-quarter results after the market close, ahead of a 5:30 p.m. ET (21:30 UTC) call. The companies’ Oct. 28 earnings schedule placed both reports on the same day.
