Apple's stock has gone nowhere for 6 months. Traders expect a wild ride Thursday night

For a stock that's gone nowhere for six months, Apple sure has options traders excited.Implied volatility in the stock suggests a 3.5% swing after earnings tonight, compared to an average move of just 1.8% following the last four quarterly reports. For context, among last night's big four tech reports, Amazon and Microsoft are underperforming their implied moves, while Alphabet and Meta are exceeding theirs.Call volumes and premiums are outpacing puts in Apple options, but the message is not necessarily bullish. More calls are now trading at the asking price than the bid price, meaning more traders are buying calls than selling them.

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