It's make-or-break time for Apple this week.
Shares of the tech darling have fallen nearly 16 percent in the last three months as concerns over slowing shipments of the company's iPhone 6S have weighed on investors. It all comes to a head on Tuesday when the company is slated to report is fiscal 2016 first-quarter earnings, and the options market is expecting some huge moves.
That market is implying a more than 6 percent move for Apple in either direction after its earnings report. That's higher than its average 4.9 percent move and could represent a more than $35 billion shift in market cap.
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Options traders calculate the implied move for equities by measuring a particular stock's straddle — or at the money put and call. The amount of the straddle typically captures market makers' expectations for how much a stock is going to move.
At this point, Apple has fallen 25 percent from its all-time high last April, but Wall Street analysts remain optimistic on the stock. Of the 52 who cover Apple, the average rating is a "buy" with a $140 price target. That's nearly 40 percent higher than the current stock price of around $100, according to FactSet.