Meta Platforms Stock Rallying Ahead of Earnings

Meta Platforms Inc (NASDAQ:META) is one of the many Big Tech names reporting earnings this week. The social media giant will announce its third-quarter results after the close tomorrow, October 29, with Zacks Research anticipating earnings of $6.61 per share -- a 9.6% jump from the same quarter last year -- on revenue of $49.45 billion.

Meta Platforms' AI spending will be scrutinized this quarter, with plenty to unpack already this week. Last Wednesday, the company announced 600 job cuts within its AI unit, while yesterday, CEO Mark Zuckerberg appointed insider Vishal Shah to a key AI-related role. 

META has a recent history of strong post-earnings moves, finishing higher after its last three quarterly reports, including a 11.4% bull gap in July. This time around, the options pits are pricing in a 9.9% swing, regardless of direction, on Thursday, slightly larger than the 7.6% move the stock has averaged over the last two years. 

META is up 0.7% at $755.84, looking to eke out its eighth-straight win, its longest streak has seen since aa wild 20-day win run from mid-January to mid-February. Though the equity has experienced choppy trading since its August 15 record high of $796.25, it recently found support at the 120-day moving average.