Meta heads into earnings Wednesday after the bell with the fundamentals case largely intact.

Ad-pricing improvements and sharper targeting continue to drive roughly 30% year over year top-line growth — a number that commands respect at this scale. The options market implies a substantial 7.5% move by the end of the week. That's a lot for a company this big, but it's justified given the big moves Meta has seen following earnings recently (the stock moved more than 10% following earnings in three of the last four quarters).

We've seen some big call buying lately. The June in-the-money 620 strike calls, for example, saw substantial opening buyers Monday.…