Meta Platforms also reported earnings after Wednesday’s close. Coming into the earnings, the option market had priced the straddle at 42 points, or 6% of the stock price. That straddle price was cheaper than six of the past 10 post-earnings moves by Meta — meaning that the odds were theoretically slightly in favor of buying the straddle.

The parent company of Facebook and Instagram continues to exceed expectations for ad sales. Analysts are less sure about its big swings. Meta Platforms released blockbuster second-quarter earnings on Wednesday,