The Longshot: A partnership with Twitter. Obviously, not going to happen. I doubt Twitter would be willing to give Facebook all of the thunder on something of the sort. Plus, to reiterate, it's just not going to happen, even though it should. I explain why here.
A Major Acquisition: Maybe, but, although I could have missed it, I didn't see much pomp and circumstance, when Facebook swallowed Instagram for $1 billion. M&A would have to be huge. Like we're buying Research in Motion (RIMM) or something. Not going to happen. Zuckerberg didn't get this far by being an idiot.
Tame, but Huge: It's going to come down to one of two things (or both).
First, I bet Facebook makes something "more social." Music comes to mind. It hasn't quite cracked the code on how to integrate music -- and sharing of music -- into the platform. If I'm Pandora (P - Get Report), I'm paying attention next week. Even if I'm Spotify, who has a poorly publicized partnership with Facebook, I keep my eyes open.Ask Mark Pincus at Zynga (ZNGA) how Zuckerberg can ruin a partner relationship. Along similar lines, there could be a deal in the works with Netflix (NFLX). Netflix just got some major legislation through Congress that allows free and open sharing of the movies you watch via social networks. Makes perfect sense to hook up with Facebook on something big. And it would be smart for Reed Hastings to let Mark Zuckerberg steal the thunder on this one. Second, there could be some seemingly low-level, but very meaningful M&A attached to mobile and mobile advertising. With or without an acquisition of, say, a Millennnial Media (MM), expect Facebook to announce breakthroughs really soon -- even if not at this event -- on issues such as more precise targeting for advertisers, particularly via mobile platforms. As usual, nobody really knows what's going to happen except for the flies on the wall in Menlo Park and the dandruff in Mark Zuckerberg's hoodie; however, the knee-jerk reactions most often prove wrong. Follow @rocco_thestreet --Written by Rocco Pendola in Santa Monica, Calif.