The tech company's options imply a move of about 6.6% in either direction after the company reports fourth-quarter results. By comparison, over the last 12 earnings cycles, Microsoft has averaged a 4.8% implied move and a 4.4% actual move, Option Research & Technology Services (ORATS) data showed.

Microsoft Corp (NASDAQ:MSFT) shares are gaining Tuesday. Citizens Securities analyst Patrick Walravens kept his Market Outperform rating and $550 price target. Here's what you…

Markets expect big reaction from earnings Wed, with big names like Microsoft and Starbucks reporting.