Just one day after the Nasdaq and S&amp;P 500 got a boost from Meta Platforms' (META) fourth-quarter report, the market is reacting to the quarterly results from three other Big Tech giants. 
Apple Inc (NASDAQ:AAPL) announced earnings of $1.88 per share on revenue of $117.15 billion -- both lower than Wall Street's estimates. Overall sales for last quarter dropped 5% year-over-year as well, marking a rare top-line decline for the company. At least four analysts still raised their price targets after the event, while three chimed in with price-target cuts. Over in the options pits, 341,000 calls and 261,000 puts have been exchanged, which is three times the intraday average volume. The weekly 2/3 255-strike call is the most active, with new positions opening there. At last glance, AAPL is shrugging off its premarket losses, inching up 0.1% at $151.04. 
Amazon.com Inc (NASDAQ:AMZN) is down 4.7% at $107.62 at last check, despite the e-commerce giant's fourth-quarter win, after its current-quarter guidance came in below estimates. No fewer than 12 analysts lifted their price targets after the event, with the highest from Evercore ISI to $160, while five lowered their price objectives. The 397,000 calls and 203,000 puts across the tape so far accounts for double the typical intraday average volume. The weekly 2/3 110-strike call is the most popular, followed by the weekly 2/3 105-strike put, with new positions being opened at the latter. 
The shares of Alphabet Inc (NASDAQ:GOOGL) are sliding as well, down 2.5% at $105.07 at last glance. The company reported fourth-quarter profits of $1.05 per share, which is lower than the anticipated $1.18 per share, while revenue misses estimates to boot. No fewer than 12 analysts lifted their price targets, while Truist Securities and Piper Sandler issued modest price-target cuts. Calls are heavily outweighing puts in the options pits, with 230,000 calls across the tape in comparison to 98,000 puts, as overall options volume runs at four times the intraday average. The weekly 2/3 106-strike call is seeing the most activity, with new positions being bought to open there.

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Unpacking Today's Big Tech Earnings

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