Alphabet NASDAQ:GOOG could swing about 5.4% in either direction after earnings, according to options-market pricing ahead of its July 22 report.
Based on a share price of $348.60, traders are implying a post-earnings range of roughly $329.75 to $367.45. That expected move is slightly below Alphabet's historical average of 6%, although recent reactions have varied sharply, including a 10% jump after first-quarter results.
Alphabet owns Google Search, YouTube and Google Cloud, while investing heavily in Gemini and other AI products. Investors will be watching whether those investments are translating into faster cloud growth without putting too much pressure on margins and cash flow.
Options positioning leans bullish. Call volume stands at 20,756 contracts versus 11,389 puts, while the $370 call carries the largest upside open interest.