With the option shorts getting GOOG'd last Friday, it's going to be interesting as to whether competitor $BIDU will continue in its uptrend and have a sustained upside reaction.
There can often be a sympathy move within a particular sector; for instance, if $PCLN goes up big on earnings, $EXPE most likely as well. This assumes that sector fundamentals will improve earnings across the board. We would expect to see that sort of action with BIDU relative to $GOOG, but the two names have often run inverse one another due to China competition.
Current $BIDU options are expecting about a 9% move in either direction-- we can derive that by looking at the ATM weekly straddle and divide the price over the strike. The average gap is around 10%, so options seem to be coming in a little light.
While the stock is in an uptrend, Q3 earnings reactions have been higher only 1/5 times (20%) compared to an overall earnings reaction of 13/21 overall (65%). There's clear support coming in around 90, so if there is a negative price reaction, it will most likely be tempered by market demand.
Am I trading BIDU? Probably, but you've got to be a member to find out.