MSFT, GOOGL, AMZN...The Week that Moves the Nasdaq

Week in Review

Last week was the first big test for tech, and the market was not forgiving. Despite a strong start with SpaceX earnings, the indexes quickly shifted and took a beating on Thursday after earnings from Tesla (TSLA), Meta Inc. (META), and Lam Research (LRCX), underscoring that reaction matters more than the headline.

SpaceX (SPCX): Revenue came in at $14.58 billion, up 161% year over year, against about $12.9 billion expected. It was the first quarterly profit since the IPO, and AI became the largest segment by revenue. While the initial move post-earnings demonstrated excitement (up 8.6% overnight), the Nasdaq as a whole took a beating after Tesla and Lam Research earnings on Wednesday evening, dragging SpaceX down as well. Long term, the report itself is a buy signal for me.

Tesla (TSLA): Adjusted EPS was $0.48 vs $0.45 expected. Revenue was $28.05 billion, slightly below the $28.34 billion consensus, and the cash surprise was about $1.5 billion in free cash flow. TSLA gapped down -3.2% overnight and wasn't initially able to stay above the 200 SMA at $387.

While fundamentals delivered, the initial reaction was lackluster. For a stock that has been stuck under technical resistance, I'm not surprised that this quarter continued to lack a strong enough catalyst to cause continuation higher. But don't worry, it's coming, in the shape of a robot. While a few days delayed, today the market realized it was a post-earnings buy, and it broke through critical resistance at the 200 SMA, but couldn't quite make it through $400.

META (Wed AMC): Revenue was $64.60 billion (+26%) vs $63.37 billion. Reported EPS was $3.83 vs $5.46, a miss that includes a $9.89 billion legal charge ($7.40 excluding it). The Q4 guide was $73–76 billion, with no 2027 capex number.

META initially gapped down by -3% but continued selling off on high volume, closing down -7.0% like a lead weight on the Nasdaq. This gave me a post-earnings momentum sell signal on Meta, and is clinging to the 200 SMA zone at $630. Another break, like the break of the 50 SMA, would result in more downside.

Meta still has promise, as their AI Agent Muse, combined with their strength in advertising and the ability to advertise their own AI products to their massive user base, will continue to be utilized, but I will personally be sticking with xAI & Grokbot. A break of the 200 SMA is another technical break setup.

Lam Research (LRCX): It was a small beat on both lines (EPS $2.20 vs $2.17, revenue about 1.1% above estimates). It was still the worst big-tech reaction of the week, with a -10.1% gap down. That was almost 1.x of my +/-$21.46 expected move, which fit the criteria for a post-earnings short. It weighed heavily on the Nasdaq and semiconductors (SMH), which experienced one of their largest daily declines of the year, as I wrote about in my Five Star Trader newsletter on Thursday. The semis reaction demonstrates the issue with high expectations going into earnings, especially on a company that gapped up 26% last quarter.

I'm highlighting these three reports, but many others reported earnings last week. Check out the summary line to read about the reactions:

Summary Line

• Beat and fell: TTMI −27.7%, LRCX −11.8%, GM −6.8%, AT&T −6.4%, NFLX −5.3%*, GE −3.7%, TSLA −3.1% (adjusted EPS), ISRG −2.3%, TXN −1.8%, PM −1.2%, KMI −0.7%, NEE −0.7%
• Beat and rose: CLF +16.3%, HAS +11.2%, SPCX +7.8%, LMT +7.0%, MMM +5.8%, PG +5.6%, NOC +4.6%, UNP +3.6%, CMCSA +3.4%, COF +2.5%, HON +1.7%, RTX +0.6%, IBM +0.3%
• Missed: META −7.0% (reported EPS, including the legal charge), ABT −1.9%, STLD −0.3%, UAL +4.0%, SPOT +11.1% (an EPS miss, $2.85 vs $3.10, and still the strongest big-name rally of the week)
• In line: AAL +2.9%
• Friday BMO and Thursday AMC: AXP −3.7% (−$11.95, about 0.8x its +/-$14.35 move), RITM +8.2%, BE −11.2%, DECK −4.9%, NEM −4.6%, WDC −3.0%

Again, beating estimates didn't decide the direction. SPOT missed on EPS and ran 11.1%. TTMI beat on both lines and lost 27.7%. That's why I cite the expected move before earnings: so I can judge the reaction afterward and identify the critical support and resistance zones.

Any 1.5x-2x moves often result in a post-earnings trade idea, while moves within the expected range are considered normal.

My Options Earnings Calendar:

October 26th-30th

This week is typically the most volatile and important week of the quarter, because we have multiple Magnificent 7 names reporting, which the market has high expectations for. While most look solid into the report, with earnings, anything can happen, which is why I am always eyeing the post-earnings reaction for opportunities.

As of today, the indexes held up well and bounced off of the lows as the put/call ratio got too extreme to the upside last week. A high put/call ratio, markets on the lows, and positive earnings catalysts could be a fantastic combination for the bulls, but earnings reactions would need to be strong.

While I expect some movement tomorrow, post-Wednesday close is likely where we will see the most reaction after Microsoft and Google earnings on Wednesday evening, and then again on Friday after Amazon on Thursday.

OCTOBER 26–30, 2026

Click on the calendar to enlarge the image or download it to your PC. To create your own custom calendar, visit https://optionsearnings.com/.

Most Optionable Names This Week

From the liquidity checks, these names stand out for volume and open interest (most favorable for options trading). Expected moves are from Options Earnings, powered by Public.

Tuesday:

• SOFI (BMO): SOFI has an expected move of +/-$1.15, with 110% implied volatility. It's gotten crushed the last two quarters post-earnings, and has suffered a significant trend reversal. Watch member and account growth and payment volume.
• V (AMC): Visa has an expected move of +/-$10.57, with an implied volatility of 41.59%. Watch consumer spending habits. This is a good read after AXP's reaction.
• BA (BMO): Boeing has an expected move of +/-$8.07, with an implied volatility of 62.1%. Watch deliveries and cash burn. The defense space in general is rallying well today after earnings moves and post-earnings follow through from LMT, NOC and RTX last week, though Boeing's technical patterns have nothing on the others.

Wednesday - The Big Day

• MSFT (AMC) - On Monday, Microsoft announced voluntary buyout packages to 60k employees ahead of their earnings report. This news made big waves on social media, and I suspect this was done strategically before earnings. Watch cloud growth (Azure, Google Cloud), AI capex, and search and ad trends. These will drive the Nasdaq into Thursday's open.
• Last quarter, Microsoft experienced a major breakaway gap of 12%, and recovered swiftly off of the lows. I remain bullish on Microsoft, and the expected move is +/-$28, with 63% implied volatility.
• GOOGL (AMC): While Google was previously in a strong trend, 2/4 post-earnings moves have been to the downside, and it recently broke the 200 SMA. With an expected move of +/-$18.65, I'm watching to see if Google can reclaim this zone. I will have to see if it's possible closer to the print. With a -6.1% downward move last quarter, despite a strong beat, all eyes and high expectations will be on GOOGL.
• FTNT (AMC): FTNT has gapped up 3x in a row post-earnings, experiencing a 7% move last quarter, and a 17% move the quarter before that. With cybersecurity in focus, plus an +/-$18.87 expected move, it's within a stone's throw of previous highs. It also has 140% implied volatility. I'm eyeing many potential moves in the cybersecurity space, so this will be a great test.

Thursday:

• LLY (Thursday BMO): LLY has done very well the last 4 quarters, with strong gaps higher post-earnings. I like this space overall. Watch GLP-1 sales, but keep in mine this stock rallied strong going into the report itself, and when it does that, it needs an even stronger reaction post-report to maintain price. With an expected move of +/-$69.23 and 78% implied volatility, even what looks like a major move may be in range of normal.
• AMZN (AMC): Price is stuck between the 200 SMA & the 50 SMA, with $250 being a critical zone of support. The expected move is +/-$19, with 97% implied volatility. With two post-earnings gaps in a row, I'm watching to see if Amazon can hold support. With an expected move of +/-$8.70, watch to see how the market reacts to AWS growth, margins, and capex guidance.
• INTC (AMC): INTC is clinging to the 200 SMA, and with the weight on semiconductors currently, it needs to perform to hold support. With an expected move of $7.55, and sitting on the low of the quarter, the reaction will have to be phenomenal to hold this zone. This is the next major semiconductor after the destruction that was caused by LRCX.
• COIN (AMC): COIN has largely been in a bearish downtrend since last summer, and has only traded higher 2/8 quarters, with the last two quarters being down. It is within range of the low of the quarter, with an expected move of +/-11.34.

Friday:

• XOM and CVX (Friday BMO): While in a strong space, both companies have rallied substantially going into earnings due to the increase in the price of oil. In these cases, sometimes we can get a buy the rumor, sell the news event. Volatility is low on both names, around 42%, with $4-5 expected moves.

Feature Update

This week's new feature is the Options Earnings blog at https://optionsearnings.com/blog. That's where I go deeper on the companies I'm watching most closely.

Before a report, my pre-earnings previews cover the expected move, implied volatility, critical support and resistance, and what I'm listening for on the call. After the report, my post-earnings reviews break down how the stock actually reacted compared with the expected move, whether it hit a 1.5x–2x momentum signal, and the levels I'm watching next.

So far, I've covered SpaceX, Tesla, and Meta this earnings season, with more to come. If there's a ticker you want me to break down, reply to this email and let me know!

This Week’s Focus

Big-Picture Takeaways for Options Traders

• Tickers most likely to create high volatility this week include MSFT, GOOGL, AMZN, COIN, MSTR, RDDT and INTC, especially after last week's semis and META selloff.
• Last week, beats didn't protect stocks (TTMI, LRCX) and misses didn't sink them (SPOT). Compare the reaction to the expected move and the key support and resistance levels, not to the headline beat.
• Guidance and the forward look, especially AI capex, will matter more than the printed quarter. Size and risk management matter more on any of the lighter-liquidity names if you choose to trade them.
• Want my full overview on another ticker, like I did for SpaceX, Tesla and Meta? Reply to this email with the ticker! Browse the reviews: https://optionsearnings.com/blog

Your Earnings Tool

To learn more about the tickers reporting earnings, go to optionsearnings.com and click on the individual ticker to bring up the ticker preview window. There, you'll find information such as the current stock price, 3-month price action, expected moves in the options market, implied volatility, earnings premium, short float, and more.

Happy Trading!