Options traders are betting on an Uber surprise to the upside on earnings

"So, the options market is implying that Uber is likely to move 9% up or down by Friday after they report."

As for which direction the options market is expecting to move, that answer can be found by looking at the most popular contracts trading on the day. "As has generally been the case for Uber, the flow has been somewhat bearish," Khouw said, "but interestingly, today we actually saw more calls than puts. That hasn't typically been the case."expiration 45-strike calls. Those contracts were trading at a discount compared with other contracts, at just 20 cents apiece. They also represent something of a pie-in-the-sky scenario for Uber, breaking even 14% above where the stock closed on Wednesday.

"I think what might be going on here was that somebody was saying, 'these are cheap lottery tickets in case Uber gives us a positive upside surprise,'" said Khouw.Uber shares were trading 6.5% higher on Thursday at $42.28.

Uh-oh. Look out below. Uber shares -11% after hours. Big miss. EarningsSeason Uber .Uber

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