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Intraday Market Notes: All Eyes On Google -- October 18

|Includes:Alphabet Inc. (GOOG)

3:15 pm ET: The early release of Google's (NASDAQ:GOOG) earnings report kept financial media tongues wagging all morning. With an hour to go before the market closes, Google's stock is still halted and you can bet traders already have their Google trades lined up. Minutes after the report was accidentally released by Edgar, the stock plunged 9% to $687 before it was halted. The company has until the close to issue an amended report (somebody at the SEC is being very generous). Media pundits are split on which way it will go once the stock begins trading. CNBC's Fast Money contributor Jon Najarian sees a further drop to $650 but it first has to cut through support at $660. Despite the preliminary dismal numbers on click-through ad revenues and a greater than expected loss from its acquisition of Android phone maker Motorola Mobility, this drop in the stock could be an over-reaction. Risk takers who are experienced options traders might want to entertain throwing a few mad money dollars on an out-of-the-money call option or option spread. There's going to be a lot of volatility when the stock opens so getting a good entry point will be very tricky and use limit orders to prevent a nasty fill. Good luck!

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Stocks: GOOG