This week we logged the options-implied move before five earnings reports. All five stocks have moved less than that so far. Next up after today's close: $MSFT and $GOOGL , with implied moves of 5.1% and 5.9%, about $200 billion and $234 billion of market value. Their own history is mixed. Microsoft's last four report moves averaged 8.1%, including a 15.5% gain in July. Alphabet's averaged 5.0%, and it fell 7.1% in July. Norwegian Cruise Line $NCLH has the opposite record. Options imply about 7.9% for its report Thursday before the open. The stock fell more than that after each of its last four reports: 15.3%, 10.5%, 8.6% and 9.8%. Street estimates: Microsoft fiscal first-quarter adjusted EPS of $4.72 on $90.7 billion of revenue, vs. $4.13 and $77.7 billion a year ago. Alphabet, $3.01 on $127.9 billion, vs. $2.87 and $102.3 billion. Also after the close today: ServiceNow ($NOW), with options implying about 10.4%, fell after each of its last three reports: 9.9% in January, 17.8% in April and 3.7% in July. Churchill Downs ($CHDN) has alternated direction after its last four: +7.8%, -6.0%, +10.1%, -6.6%. MGM Resorts ($MGM) moved less than 3.5% after each of its last four, and analysts expect adjusted EPS of $0.08 vs. $0.24 a year ago. St. Joe ($JOE) also reports. Before the open Thursday: Cheniere ($LNG) moved more than its 4.0% implied move after three of its last four reports. Hyatt ($H): analysts expect adjusted EPS of $0.77 vs. a loss of $0.30 a year ago. TechnipFMC ($FTI): EPS of $0.88 on $2.79 billion of revenue expected, vs. $0.75 and $2.65 billion. DT Midstream ($DTM): EPS of $1.13 expected, the same as a year ago.