Beaten Dow stock GE could do something very unusual when it reports earnings next week

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Is an earnings bombshell coming for GE?

Shares of GE were spiking higher Friday afternoon, and according to some traders, there could be a bigger breakout on its earnings next week.

The options market is implying an 85 cent move in either direction, or about 6.5 percent, when General Electric reports first-quarter earnings, which is scheduled for next Friday. According to trader Dan Nathan of RiskReversal.com, this would be a very unusual occurrence for the stock.

"You know [GE] has not moved whole lot on earnings," Nathan said Thursday on CNBC's "Fast Money" "Partially because we've seen some pre-announcements [and] dividend cuts."

Shares of the industrial giant have been in free fall over the past year, now down more than 50 percent. GE has struggled to keep its core businesses afloat, resulting in a series of C-suite shake-ups and a dividend cut last November.

Nonetheless, some options traders are betting the bottom may be in. On Thursday, call options for GE doubled that of puts. Shares of GE are now positive on the month, and up more than 3 percent in the past week.

Nathan cautions, however, that even with the stock down more than 20 percent this year, some long-term traders are "still waiting for a capitulation."

"So to me playing next [week's earnings] with defined risk, if you're trying to be contrarian, makes sense," Nathan said.

In addition to reporting earnings next week, the company is also expected to make revisions to its 2016 and 2017 results after the bell on Friday.

General Electric was trading higher around $13.50 midafternoon Friday.