The last of the FANG earnings could spark a $50 billion shift in market cap

These 2 stocks could spark a $55B market cap shift

The last of the Cramer-coined FANG stocks — Facebook, Amazon, Netflix and Google parent Alphabet — are set to report earnings after Thursday's closing bell, and traders are expecting some big moves from the mega-cap names.

The options market is implying an 8 percent jolt in either direction for online retailer Amazon, which has rallied more than 9 percent this year. If the move were to result to the upside, it could send shares as high as $800 — uncharted territory for the stock and well beyond its prior high of around $757 hit earlier this month.

As for Alphabet, the options market is anticipating a more than 5 percent shift up or down. The stock has been underperforming on a year-to-date basis, but it is up more than 13 percent from its late-June low of just under $673 per share.

If both of these moves were to pan out, it could represent a more than $50 billion shift in market cap.

Options traders calculate the implied move for equities by measuring a particular stock's so called 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.

Thus far, earnings results for the group of stocks have been mixed. Netflix shares initially gapped down following a disappointing earnings report. Facebook hit an all-time high Thursday after a blowout report on Wednesday.