Options priced in a 5.9% move for Alphabet and a 10.4% move for ServiceNow. In premarket trading, both fell nearly twice that. Alphabet ($GOOGL) fell 11.7%, more than any of its last four report moves. EPS was $2.12, including a $0.55-a-share loss on equity securities. Excluding it, $2.67 vs. $3.01 expected. Alphabet's revenue rose 25% to $127.6 billion, and Google Cloud revenue rose 103% to $30.7 billion. Reports on the drop cited the EPS miss and cash flow. Alphabet spent $51.4 billion on property and equipment in the quarter, and free cash flow was negative $9.1 billion, its second straight negative quarter. ServiceNow ($NOW) fell 19.1%, after falling following each of its last three reports. Adjusted EPS: $1.00 reported vs. $1.02 expected. It raised its 2026 AI annual contract value target to $1.7 billion. Norwegian Cruise Line ($NCLH) rose 11.8% against a 7.9% implied move. The stock fell more than its implied move after each of its last four reports. Adjusted EPS: $1.12 reported vs. $0.94 expected, and it raised its 2026 adjusted EPS outlook to about $1.70. Cheniere ($LNG) rose 4.8% against a 4.0% implied move. Revenue was $6.17 billion vs. $5.37 billion expected. It raised its 2026 adjusted EBITDA guidance to $8.75 billion to $9.25 billion, from $7.90 billion to $8.40 billion. Microsoft ($MSFT) rose 2.9%, less than its 5.1% implied move. Adjusted EPS: $4.89 reported vs. $4.72 expected. Azure revenue grew 48%, and commercial remaining performance obligation rose 73% to $677 billion. Names with only monthly options: Hyatt ($H) reported adjusted EPS of $1.27 vs. $0.77 expected and a loss of $0.30 a year ago. TechnipFMC ($FTI) reported EPS of $1.05 vs. $0.88 expected and raised its 2026 Subsea revenue guidance to $9.6 billion to $9.8 billion. Churchill Downs ($CHDN) reported adjusted EPS of $1.23 vs. $1.10 expected, and its board approved a new $750 million buyback authorization. DT Midstream ($DTM) reported EPS of $1.16 vs. $1.13 expected and raised its 2026 adjusted EBITDA guidance to $1.185 billion to $1.225 billion. MGM Resorts ($MGM) reported an adjusted loss of $0.11 a share vs. $0.08 of EPS expected. MGM China posted record quarterly revenue. St. Joe ($JOE) earned $0.65 a share, vs. $0.67 a year ago, and raised its quarterly dividend 13% to $0.18. Our tally this week: we logged the options-implied move before 10 reports. Six stocks moved less than that, and four moved more, all of them from last night and this morning.