What's Facebook Got Up Its Sleeve?

There's also speculation that Facebook could announce a deal with Netflix (NFLX) to carry streaming video services. President Obama recently signed an amended version of the Video Privacy Protection Act, allowing services such as Netflix to share their customers' digital viewing activity on sites like Twitter and Facebook with prior consent. I'd say the Netflix deal is fairly likely, but not as likely as search.

Facebook may also announce an expansion of its Gifts program, as it continues to monetize its mobile platform and generate additional revenue. Topeka Capital's Anthony believes the social networker could add as much as $800 million in additional revenue from a broader e-commerce platform, as Gifts is expanded. I'd put the likelihood of this announcement at less than 30%, as Facebook already had a press conference to unveil Gifts in 2012.

The Menlo Park, Calif.-based firm also has been working on expanding its campus, so perhaps the "Come and see what we're building" line in its press invitation refers to its ambitious real estate plans.

While speculation mounts about Facebook's likely announcement, I'm definitely not expecting a Facebook phone next week. "Building a phone is the wrong strategy for us," Zuckerberg said at the September conference hosted by TechCrunch. "Let's say we build a phone, theoretically, we could get maybe 10 million people to use it. It doesn't move the needle for us."

Facebook already has a strong relationship with Apple and Android-based phones and is built directly into iOS, so the likelihood of a phone is less than zero.

We'll all find out what Facebook will announce come tomorrow. Start placing your bets now.

Interested in more on Facebook? See TheStreet Ratings' report card for this stock.

--Written by Chris Ciaccia in New York

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