NEW YORK (TheStreet) --Alphabet (GOOGL) - Get Reportwill report its 2016 third-quarter results after the market close on Thursday. Analysts polled by FactSet expect earnings of $8.62 per share, on revenue of $17.99 billion.

Susquehanna Financial Group head of derivative strategy Stacey Gilbert explained why the results will be a "non-event" during Thursday afternoon's "Power Lunch" on CNBC.

"This company used to be one of the technology volatility darlings, but now from a volatility perspective, it looks a lot like a media company. If we look at the options in terms of its implied move heading into earnings, it's roughly 5% that is not an outlier," Gilbert explained.

This coincides with a pattern seen with Alphabet's earnings over the past eight quarters. "Keeping in mind that five quarters ago we saw a move of 16% to the upside," she noted.

"The way the options market is presenting it, it's really not positioning it for any type of breakout or breakdown. Looks like a status-quo quarter," Gilbert said.

Shares of Alphabet were lower in late afternoon trading on Thursday.

(Alphabet is held in Jim Cramer's charitable trust portfolio Action Alerts PLUS. See all of Cramer's holdings with a free trial.)

Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

The team rates Alphabet as a Buy with a ratings score of A. The company's strengths can be seen in multiple areas, such as its compelling growth in net income, robust revenue growth, largely solid financial position with reasonable debt levels by most measures, solid stock price performance and reasonable valuation levels. Although no company is perfect, currently the team does not see any significant weaknesses which are likely to detract from the generally positive outlook.

You can view the full analysis from the report here: GOOGL

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