{"id":209469,"date":"2024-07-23T11:00:00","date_gmt":"2024-07-23T15:00:00","guid":{"rendered":"https:\/\/ibkrcampus.com\/?p=209469"},"modified":"2024-07-24T11:20:11","modified_gmt":"2024-07-24T15:20:11","slug":"options-market-expectations-for-tesla-and-alphabet","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/stocks\/options-market-expectations-for-tesla-and-alphabet\/","title":{"rendered":"Options Market Expectations for Tesla and Alphabet"},"content":{"rendered":"\n

And so it begins, the start of this quarter\u2019s megacap earnings releases.  Tesla (TSLA<\/span>) has opened the festivities in prior quarters, but this year it is joined by Alphabet (GOOG<\/span>, GOOGL<\/span>) on opening day.  Megacap tech earnings are always worth watching, but last week\u2019s tech-led decline further highlighted their importance.<\/p>\n\n\n\n

It\u2019s tough to choose who we should analyze first, but even though TSLA is by far the more active stock on our platform, we\u2019ll sort them by size.  TSLA\u2019s market cap is about $785 billion; GOOG\/GOOGL\u2019s is roughly $2.26 trillion.  As a result, the combination of GOOG\/GOOGL is about 4.2% of the S&P 500 (SPX) and 5.39% of the Nasdaq 100 (NDX); those weights for TSLA are about 1.49% and 3.12%, respectively.  And it\u2019s apparent that both of those companies have an even greater psychological weight in investors\u2019 mindsets than those numbers imply. <\/p>\n\n\n\n

We see from the graphs below that at-money options in GOOGL are pricing in a bit more than a 5% daily move between now and their Friday expiration.  Considering that GOOGL is famously sparse with forward guidance, that 5%+ seems a bit sanguine, but not exceptionally so. This is roughly in line with the longer-term post-earnings performance of the stock, even if the last three reports led to larger moves (last six: +10.22%, -7.50%, -9.51%, +5.78%, -0.13%, -2.75%). <\/p>\n\n\n\n

GOOGL Skews for Options Expiring July 26th<\/sup> (dark green, top), August 2nd<\/sup> (lighter green, top), August 16th<\/sup> (yellow, top); Volatility Term Structure (bottom)<\/em><\/strong><\/h3>\n\n\n\n
\"GOOGL<\/figure>\n\n\n\n

Source: Interactive Brokers<\/em><\/p>\n\n\n\n

The top chart is another sign of the relative lack of risk aversion that is priced into GOOGL options.  The skews for near-term options, including Friday\u2019s, are almost pancake flat for about +\/- 13% from the current stock price.  It clearly implies that traders don\u2019t know what to expect, but when we consider that equity skews ahead of earnings tend to show some steepening for downside implied volatilities, there is seemingly equal concern about missing an up move as protecting against a downdraft.  The IBKR Probability Lab (below) shows something similar \u2013 a relatively symmetrical set of probabilities centered just below the current stock price:<\/p>\n\n\n\n

IBKR Probability Lab for GOOGL Options Expiring July 26th<\/sup>, 2024<\/em><\/strong><\/h3>\n\n\n\n
\"IBKR<\/figure>\n\n\n\n

Source: Interactive Brokers<\/em><\/p>\n\n\n\n

Moving over to TSLA, the picture is a bit more risk averse.  The Probability Lab\u2019s peak outcome is for a decline of roughly 5%, and there is a pronounced asymmetry:<\/p>\n\n\n\n

IBKR Probability Lab for TSLA Options Expiring July 26th<\/sup>, 2024<\/em><\/strong><\/h3>\n\n\n\n
\"IBKR<\/figure>\n\n\n\n

Source: Interactive Brokers<\/em><\/p>\n\n\n\n

Furthermore, the skews for near term options are very steeply biased towards the downside.  Considering TSLA\u2019s recent rapid ascent ahead of its now-delayed robotaxi announcement, it is understandable why some traders might be showing some risk aversion:<\/p>\n\n\n\n

TSLA Skews for Options Expiring July 26th<\/sup> (dark green, top), August 2nd<\/sup> (lighter green, top), August 16th<\/sup> (yellow, top); Volatility Term Structure (bottom)<\/em><\/strong><\/h3>\n\n\n\n
\"TSLA<\/figure>\n\n\n\n

Source: Interactive Brokers<\/em><\/p>\n\n\n\n

That said, the >8% daily volatility that is being priced into options expiring Friday seems a bit low when we consider that TSLA\u2019s last six earnings reports all resulted in nearly double-digit percentage moves or more (+12.06%, -12.13%, -9.3%, -9,74%, -9,75%, +10.97%).  Ahead of last quarter\u2019s earnings, we noted the following<\/a>:<\/p>\n\n\n\n

The contrast between the relatively sanguine view that the options market held last quarter and the more normal view held today are what leads me to the potential for a contrarian bounce today. <\/em><\/p>\n\n\n\n

Indeed, like last quarter, TSLA options show some risk aversion, whereas in prior quarters, a remarkably sanguine approach ruled.  Notice that the more balanced approach to risk led to a bounce while the more risk tolerant approaches presaged declines.  It is of course up to each of these companies, GOOGL and TSLA, to deliver market expectations for revenues, earnings, and guidance.  Furthermore, there are a multitude of other measures that matter to investors in each of these companies, such as margins and cash flows for TSLA, and growth in key sectors like cloud computing and artificial intelligence for GOOGL. <\/p>\n\n\n\n

My concern for this earnings season is that investors harbor expectations even above the published consensuses.  We have seen good reports lead to declines nonetheless in companies like Micron Technologies (MU) and Netflix (NFLX).  Good numbers are necessary for a post-earnings bounce.  Will they be sufficient?<\/p>\n","protected":false},"excerpt":{"rendered":"

And so it begins, the start of this quarter\u2019s megacap earnings releases. Tesla (TSLA) has opened the festivities in prior quarters, but this year it is joined by Alphabet (GOOG, GOOGL) on opening day. Megacap tech earnings are always worth watching, but last week\u2019s tech-led decline further highlighted their importance.<\/p>\n","protected":false},"author":4,"featured_media":184228,"comment_status":"open","ping_status":"closed","sticky":true,"template":"","format":"standard","meta":{"_acf_changed":true,"footnotes":""},"categories":[14700,6,8,9,22,26,3],"tags":[565,14385,1926,161],"contributors-categories":[13576],"class_list":{"0":"post-209469","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-ibkr-market-insights","8":"category-north-america","9":"category-region","10":"category-securities","11":"category-stocks","12":"category-text-articles","13":"category-traders-insight","14":"tag-alphabet","15":"tag-option-trading","16":"tag-options","17":"tag-tesla","18":"contributors-categories-interactive-brokers"},"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"\nOptions Market Expectations for Tesla and Alphabet<\/title>\n<meta name=\"description\" content=\"And so it begins, the start of this quarter\u2019s megacap earnings releases. Tesla (TSLA) has opened the festivities in prior quarters, but this year it...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.interactivebrokers.com\/campus\/wp-json\/wp\/v2\/posts\/209469\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Options Market Expectations for Tesla and Alphabet | IBKR Campus US\" \/>\n<meta property=\"og:description\" content=\"And so it begins, the start of this quarter\u2019s megacap earnings releases. Tesla (TSLA) has opened the festivities in prior quarters, but this year it is joined by Alphabet (GOOG, GOOGL) on opening day. Megacap tech earnings are always worth watching, but last week\u2019s tech-led decline further highlighted their importance.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/options-market-expectations-for-tesla-and-alphabet\/\" \/>\n<meta property=\"og:site_name\" content=\"IBKR Campus US\" \/>\n<meta property=\"article:published_time\" content=\"2024-07-23T15:00:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-07-24T15:20:11+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/02\/earnings_season_Featured-img.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"563\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Steve Sosnick\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Steve Sosnick\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\n\t \"@context\": \"https:\\\/\\\/schema.org\",\n\t \"@graph\": [\n\t {\n\t \"@type\": \"NewsArticle\",\n\t \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/options-market-expectations-for-tesla-and-alphabet\\\/#article\",\n\t \"isPartOf\": {\n\t \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/options-market-expectations-for-tesla-and-alphabet\\\/\"\n\t },\n\t \"author\": {\n\t \"name\": \"Steve Sosnick\",\n\t \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#\\\/schema\\\/person\\\/31988d9596575a63ddc53e92049a2549\"\n\t },\n\t \"headline\": \"Options Market Expectations for Tesla and Alphabet\",\n\t \"datePublished\": \"2024-07-23T15:00:00+00:00\",\n\t \"dateModified\": \"2024-07-24T15:20:11+00:00\",\n\t \"mainEntityOfPage\": {\n\t \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/options-market-expectations-for-tesla-and-alphabet\\\/\"\n\t },\n\t \"wordCount\": 727,\n\t \"commentCount\": 1,\n\t \"publisher\": {\n\t \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#organization\"\n\t },\n\t \"image\": {\n\t \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/options-market-expectations-for-tesla-and-alphabet\\\/#primaryimage\"\n\t },\n\t \"thumbnailUrl\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2023\\\/02\\\/earnings_season_Featured-img.jpg\",\n\t \"keywords\": [\n\t \"alphabet\",\n\t \"Option Trading\",\n\t \"options\",\n\t \"Tesla\"\n\t ],\n\t \"articleSection\": [\n\t \"IBKR Insights\",\n\t \"North America\",\n\t \"Region\",\n\t \"Securities\",\n\t \"Stocks\",\n\t \"Text Articles\",\n\t \"Traders' Insight\"\n\t ],\n\t \"inLanguage\": \"en-US\",\n\t \"potentialAction\": [\n\t {\n\t \"@type\": \"CommentAction\",\n\t \"name\": \"Comment\",\n\t \"target\": [\n\t \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/options-market-expectations-for-tesla-and-alphabet\\\/#respond\"\n\t ]\n\t }\n\t ]\n\t },\n\t {\n\t \"@type\": \"WebPage\",\n\t \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/options-market-expectations-for-tesla-and-alphabet\\\/\",\n\t \"url\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/options-market-expectations-for-tesla-and-alphabet\\\/\",\n\t \"name\": \"Options Market Expectations for Tesla and Alphabet | IBKR Campus US\",\n\t \"isPartOf\": {\n\t \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#website\"\n\t },\n\t \"primaryImageOfPage\": {\n\t \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/options-market-expectations-for-tesla-and-alphabet\\\/#primaryimage\"\n\t },\n\t \"image\": {\n\t \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/options-market-expectations-for-tesla-and-alphabet\\\/#primaryimage\"\n\t },\n\t \"thumbnailUrl\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2023\\\/02\\\/earnings_season_Featured-img.jpg\",\n\t \"datePublished\": \"2024-07-23T15:00:00+00:00\",\n\t \"dateModified\": \"2024-07-24T15:20:11+00:00\",\n\t \"description\": \"And so it begins, the start of this quarter\u2019s megacap earnings releases. Tesla (TSLA) has opened the festivities in prior quarters, but this year it is joined by Alphabet (GOOG, GOOGL) on opening day. Megacap tech earnings are always worth watching, but last week\u2019s tech-led decline further highlighted their importance.\",\n\t \"inLanguage\": \"en-US\",\n\t \"potentialAction\": [\n\t {\n\t \"@type\": \"ReadAction\",\n\t \"target\": [\n\t \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/options-market-expectations-for-tesla-and-alphabet\\\/\"\n\t ]\n\t }\n\t ]\n\t },\n\t {\n\t \"@type\": \"ImageObject\",\n\t \"inLanguage\": \"en-US\",\n\t \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/options-market-expectations-for-tesla-and-alphabet\\\/#primaryimage\",\n\t \"url\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2023\\\/02\\\/earnings_season_Featured-img.jpg\",\n\t \"contentUrl\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2023\\\/02\\\/earnings_season_Featured-img.jpg\",\n\t \"width\": 1000,\n\t \"height\": 563,\n\t \"caption\": \"What the Options Market is Expecting for Microsoft Earnings\"\n\t },\n\t {\n\t \"@type\": \"WebSite\",\n\t \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#website\",\n\t \"url\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/\",\n\t \"name\": \"IBKR Campus US\",\n\t \"description\": \"Financial Education from Interactive Brokers\",\n\t \"publisher\": {\n\t \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#organization\"\n\t },\n\t \"potentialAction\": [\n\t {\n\t \"@type\": \"SearchAction\",\n\t \"target\": {\n\t \"@type\": \"EntryPoint\",\n\t \"urlTemplate\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/?s={search_term_string}\"\n\t },\n\t \"query-input\": {\n\t \"@type\": \"PropertyValueSpecification\",\n\t \"valueRequired\": true,\n\t \"valueName\": \"search_term_string\"\n\t }\n\t }\n\t ],\n\t \"inLanguage\": \"en-US\"\n\t },\n\t {\n\t \"@type\": \"Organization\",\n\t \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#organization\",\n\t \"name\": \"Interactive Brokers\",\n\t \"alternateName\": \"IBKR\",\n\t \"url\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/\",\n\t \"logo\": {\n\t \"@type\": \"ImageObject\",\n\t \"inLanguage\": \"en-US\",\n\t \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#\\\/schema\\\/logo\\\/image\\\/\",\n\t \"url\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2024\\\/05\\\/ibkr-campus-logo.jpg\",\n\t \"contentUrl\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2024\\\/05\\\/ibkr-campus-logo.jpg\",\n\t \"width\": 669,\n\t \"height\": 669,\n\t \"caption\": \"Interactive Brokers\"\n\t },\n\t \"image\": {\n\t \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#\\\/schema\\\/logo\\\/image\\\/\"\n\t },\n\t \"publishingPrinciples\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/about-ibkr-campus\\\/\",\n\t \"ethicsPolicy\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/cyber-security-notice\\\/\"\n\t },\n\t {\n\t \"@type\": \"Person\",\n\t \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#\\\/schema\\\/person\\\/31988d9596575a63ddc53e92049a2549\",\n\t \"name\": \"Steve Sosnick\",\n\t \"description\": \"Steve is the Chief Strategist at Interactive Brokers. He has held numerous roles in the organization since joining Timber Hill, IBKR\u2019s predecessor, in 1995 as Equity Risk Manager and an options market maker. He developed and implemented automated trading strategies for stocks and options before moving into his current role. Steve has guest authored several columns in Barron\u2019s and made numerous live on Bloomberg TV and Radio, CNBC, Yahoo Finance, Fox Business, and several other media outlets several media outlets in North America, Asia, Australia, and the Middle East in addition to being quoted frequently in print and electronic media. Prior to joining Interactive Brokers, Sosnick held senior trading roles at Morgan Stanley, Lehman Brothers, and Salomon Brothers, where he completed the firm\u2019s famed training program.\",\n\t \"sameAs\": [\n\t \"https:\\\/\\\/ibkr.com\"\n\t ],\n\t \"url\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/author\\\/steve-sosnick\\\/\"\n\t }\n\t ]\n\t}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Options Market Expectations for Tesla and Alphabet","description":"And so it begins, the start of this quarter\u2019s megacap earnings releases. Tesla (TSLA) has opened the festivities in prior quarters, but this year it...","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.interactivebrokers.com\/campus\/wp-json\/wp\/v2\/posts\/209469\/","og_locale":"en_US","og_type":"article","og_title":"Options Market Expectations for Tesla and Alphabet | IBKR Campus US","og_description":"And so it begins, the start of this quarter\u2019s megacap earnings releases. Tesla (TSLA) has opened the festivities in prior quarters, but this year it is joined by Alphabet (GOOG, GOOGL) on opening day. Megacap tech earnings are always worth watching, but last week\u2019s tech-led decline further highlighted their importance.","og_url":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/options-market-expectations-for-tesla-and-alphabet\/","og_site_name":"IBKR Campus US","article_published_time":"2024-07-23T15:00:00+00:00","article_modified_time":"2024-07-24T15:20:11+00:00","og_image":[{"width":1000,"height":563,"url":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/02\/earnings_season_Featured-img.jpg","type":"image\/jpeg"}],"author":"Steve Sosnick","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Steve Sosnick","Est. reading time":"5 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"NewsArticle","@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/options-market-expectations-for-tesla-and-alphabet\/#article","isPartOf":{"@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/options-market-expectations-for-tesla-and-alphabet\/"},"author":{"name":"Steve Sosnick","@id":"https:\/\/ibkrcampus.com\/campus\/#\/schema\/person\/31988d9596575a63ddc53e92049a2549"},"headline":"Options Market Expectations for Tesla and Alphabet","datePublished":"2024-07-23T15:00:00+00:00","dateModified":"2024-07-24T15:20:11+00:00","mainEntityOfPage":{"@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/options-market-expectations-for-tesla-and-alphabet\/"},"wordCount":727,"commentCount":1,"publisher":{"@id":"https:\/\/ibkrcampus.com\/campus\/#organization"},"image":{"@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/options-market-expectations-for-tesla-and-alphabet\/#primaryimage"},"thumbnailUrl":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/02\/earnings_season_Featured-img.jpg","keywords":["alphabet","Option Trading","options","Tesla"],"articleSection":["IBKR Insights","North America","Region","Securities","Stocks","Text Articles","Traders' Insight"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/ibkrcampus.com\/campus\/traders-insight\/options-market-expectations-for-tesla-and-alphabet\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/options-market-expectations-for-tesla-and-alphabet\/","url":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/options-market-expectations-for-tesla-and-alphabet\/","name":"Options Market Expectations for Tesla and Alphabet | IBKR Campus US","isPartOf":{"@id":"https:\/\/ibkrcampus.com\/campus\/#website"},"primaryImageOfPage":{"@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/options-market-expectations-for-tesla-and-alphabet\/#primaryimage"},"image":{"@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/options-market-expectations-for-tesla-and-alphabet\/#primaryimage"},"thumbnailUrl":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/02\/earnings_season_Featured-img.jpg","datePublished":"2024-07-23T15:00:00+00:00","dateModified":"2024-07-24T15:20:11+00:00","description":"And so it begins, the start of this quarter\u2019s megacap earnings releases. Tesla (TSLA) has opened the festivities in prior quarters, but this year it is joined by Alphabet (GOOG, GOOGL) on opening day. Megacap tech earnings are always worth watching, but last week\u2019s tech-led decline further highlighted their importance.","inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/ibkrcampus.com\/campus\/traders-insight\/options-market-expectations-for-tesla-and-alphabet\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/options-market-expectations-for-tesla-and-alphabet\/#primaryimage","url":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/02\/earnings_season_Featured-img.jpg","contentUrl":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/02\/earnings_season_Featured-img.jpg","width":1000,"height":563,"caption":"What the Options Market is Expecting for Microsoft Earnings"},{"@type":"WebSite","@id":"https:\/\/ibkrcampus.com\/campus\/#website","url":"https:\/\/ibkrcampus.com\/campus\/","name":"IBKR Campus US","description":"Financial Education from Interactive Brokers","publisher":{"@id":"https:\/\/ibkrcampus.com\/campus\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/ibkrcampus.com\/campus\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/ibkrcampus.com\/campus\/#organization","name":"Interactive Brokers","alternateName":"IBKR","url":"https:\/\/ibkrcampus.com\/campus\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ibkrcampus.com\/campus\/#\/schema\/logo\/image\/","url":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/05\/ibkr-campus-logo.jpg","contentUrl":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/05\/ibkr-campus-logo.jpg","width":669,"height":669,"caption":"Interactive Brokers"},"image":{"@id":"https:\/\/ibkrcampus.com\/campus\/#\/schema\/logo\/image\/"},"publishingPrinciples":"https:\/\/www.interactivebrokers.com\/campus\/about-ibkr-campus\/","ethicsPolicy":"https:\/\/www.interactivebrokers.com\/campus\/cyber-security-notice\/"},{"@type":"Person","@id":"https:\/\/ibkrcampus.com\/campus\/#\/schema\/person\/31988d9596575a63ddc53e92049a2549","name":"Steve Sosnick","description":"Steve is the Chief Strategist at Interactive Brokers. He has held numerous roles in the organization since joining Timber Hill, IBKR\u2019s predecessor, in 1995 as Equity Risk Manager and an options market maker. He developed and implemented automated trading strategies for stocks and options before moving into his current role. Steve has guest authored several columns in Barron\u2019s and made numerous live on Bloomberg TV and Radio, CNBC, Yahoo Finance, Fox Business, and several other media outlets several media outlets in North America, Asia, Australia, and the Middle East in addition to being quoted frequently in print and electronic media. Prior to joining Interactive Brokers, Sosnick held senior trading roles at Morgan Stanley, Lehman Brothers, and Salomon Brothers, where he completed the firm\u2019s famed training program.","sameAs":["https:\/\/ibkr.com"],"url":"https:\/\/www.interactivebrokers.com\/campus\/author\/steve-sosnick\/"}]}},"jetpack_featured_media_url":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/02\/earnings_season_Featured-img.jpg","_links":{"self":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/posts\/209469","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/comments?post=209469"}],"version-history":[{"count":0,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/posts\/209469\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/media\/184228"}],"wp:attachment":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/media?parent=209469"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/categories?post=209469"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/tags?post=209469"},{"taxonomy":"contributors-categories","embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/contributors-categories?post=209469"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}