Options Action

Here’s what to expect going into another big week for tech earnings

This stock is up 100% this year and could go higher next week
This stock is up 100% this year and could go higher next week

Another handful of tech giants is scheduled to report earnings this week, and if last week was any indication, it could be another blowout.

Massive post-earnings moves from Alphabet, Amazon, Intel and Microsoft propelled the Nasdaq to record highs Monday and added a combined market cap of more than $155 billion since the results Thursday afternoon.

This week, Tesla and Facebook are scheduled to report after the bell Wednesday, and Alibaba and Apple are set to report Thursday after the bell. All four of these tech giants have been on a tear this year. Alibaba shares have soared 105 percent in 2017 and Tesla has surged 51 percent. Facebook and Apple both hit record highs Monday and the names have jumped 56 percent and 44 percent, respectively, year to date.

The options market is implying that it could be another gangbuster week for the group. Options traders are anticipating a 4 percent move in either direction for Apple, a 5 percent move for Facebook and Alibaba and a 6 percent move for Tesla. If these implied moves come to fruition, that could represent an $84 billion shift in market cap.

According to FactSet, analysts are expecting Tesla to report a loss of $2.28 per share on $2.9 billion in revenue. Apple is expected to report earnings of $8.99 per share on $227.5 billion in revenue and Facebook is projected to post a profit of $1.27 per share on $9.8 billion in revenue. Analysts are estimating that Alibaba will report $1.04 per share on $7.8 billion in revenue in its earnings report.

"Taking a look at this entire earnings season ... it seems like the market is favoring tech here regardless of how their earnings come out. The news is viewed more positively," Mike Khouw of Optimize Advisors said Friday on CNBC's "Options Action."

So far this earnings season, 94 percent of tech stocks have beat analyst expectations.