Earnings are set to hit the tape in a tight window on Tuesday, and the options market is already sketching out how much volatility traders expect once results and guidance land, according to Benzinga Pro.
This is a Benzinga-selected watchlist that leans heavily toward healthcare and tech, with a travel bellwether and an industrial name mixed in. The marquee name on this list is Space Exploration Technologies Corp. or SpaceX.
9. Pfizer Inc. | Mkt Cap: $143B | Implied Move: 3.19%
Pfizer Inc. (NYSE:PFE) reports second quarter of 2026 results before the opening bell. Wall Street is looking for 68 cents in earnings per share on $14.43 billion in revenue, compared with 78 cents on $14.70 billion a year ago.
Benzinga Pro data show options are pricing in a 3.19% move, the smallest implied swing in this nine-stock lineup. Even so, with Pfizer sized at $143 billion, that still translates to $4.57 billion of market value at stake around the print.
Pfizer remains one of the world’s largest drugmakers, with prescription medicines and vaccines driving the bulk of sales. The stock carries a Hold consensus rating, and the stock is trading below the 180-day average analyst price forecast; in July, BMO Capital and Guggenheim cut their price forecasts.
Into earnings, the stock has slipped in 2026, down 0.7% year-to-date and trading 2.6% below the 200-day moving average after the 50-day moving average crossed below the 200-day in June.
8. Amgen Inc. | Mkt Cap: $209B | Implied Move: 5.15%
Amgen Inc. (NASDAQ:AMGN) reports second quarter of 2026 results after the closing bell. Consensus calls for $5.60 in earnings per share on $9.42 billion in revenue, versus $6.02 on $9.18 billion in the prior-year quarter.
Options traders are braced for a 5.15% move, according to Benzinga Pro, putting about $10.8 billion of market value at stake for Amgen. That implied range sits in the middle of this watchlist, but it’s still a meaningful volatility read for a $209 billion biotech.
Amgen is a major biotech player with a portfolio of established therapeutics across inflammation and other categories. The stock carries a Hold consensus rating and the share price sits above the 180-day average analyst price forecast; in July, Barclays and UBS raised their price forecasts.
Shares have rallied in 2026, up 17.6% year-to-date and trading 12.8% above the 200-day moving average. The stock is within 2.6% of the 52-week high of $398.00.
7. Gilead Sciences Inc. | Mkt Cap: $161B | Implied Move: 5.48%
Gilead Sciences Inc. (NASDAQ:GILD) reports second quarter of 2026 results after the closing bell. The Street is modeling a $7.14 per share loss on $7.40 billion in revenue, compared with $2.01 in earnings per share on $7.08 billion a year ago.
Benzinga Pro shows the options market implying a 5.48% move, with roughly $8.85 billion of market value at stake. The setup stands out because the implied volatility is paired with a sharp swing in expected profitability versus last year’s quarter.
Gilead Sciences develops and markets therapies for life-threatening infectious diseases, with a core focus on HIV and hepatitis. The stock carries a Buy consensus rating, and the 180-day average analyst price forecast is above where the stock trades; in July, Leerink Partners downgraded the stock to Market Perform and cut its price forecasts.
Shares have rallied in 2026, up 7.1% year-to-date, but they trade 1.3% below the 200-day moving average after the 50-day moving average crossed below the 200-day in July. The shares sit about 17% below the 52-week high of $157.29.
6. Booking Holdings Inc. | Mkt Cap: $152B | Implied Move: 6.25%
Booking Holdings Inc. (NASDAQ:BKNG) reports second quarter of 2026 results after the closing bell. Analysts expect $2.44 in earnings per share on $7.18 billion in revenue, up from $2.22 on $6.80 billion in the year-ago period.
According to Benzinga Pro, options are pricing in a 6.25% move, which equates to about $9.47 billion of market value at stake. For Booking Holdings, the implied move frames how sensitive investors are to travel demand signals and forward commentary.
Booking Holdings runs the world’s largest online travel agency by sales, spanning lodging, air, rental cars and experiences. The stock carries a Buy consensus rating and shares trade well below the 180-day average analyst price forecast; in July, UBS reiterated its Buy rating and raised its price forecast.
The stock has declined in 2026, down 9.4% year-to-date, yet it trades 5.5% above the 200-day moving average. The shares sit about 100% below the 52-week high of $129405.50.
5. Caterpillar Inc. | Mkt Cap: $383B | Implied Move: 6.78%
Caterpillar Inc. (NYSE:CAT) reports second quarter of 2026 results before the opening bell. The consensus view calls for $6.17 in earnings per share on $19.07 billion in revenue, compared with $4.72 on $16.69 billion a year ago.
Benzinga Pro data show options implying a 6.78% move, with about $25.9 billion of market value at stake given Caterpillar’s $383 billion market cap. That’s a sizable dollar-value swing even though the implied percentage move is mid-pack in this countdown.
Caterpillar is a global leader in construction and mining equipment, engines and turbines, making the quarter a key read on end-market demand across construction, resource industries and energy/transportation. The stock carries a Buy consensus rating, and the stock is trading below the 180-day average analyst price forecast; in July, Baird downgraded the stock to Neutral and cut its price forecast.
Shares have rallied in 2026, up 36.2% year-to-date and trading 10.2% above the 200-day moving average. The shares sit about 24% below the 52-week high of $1073.46.
4. Advanced Micro Devices | Mkt Cap: $769B | Implied Move: 8.70%
Advanced Micro Devices (NASDAQ:AMD) reports second quarter of 2026 results after the closing bell. Wall Street is looking for $1.55 in earnings per share on $11.28 billion in revenue, versus 48 cents on $7.68 billion a year ago.
Benzinga Pro shows options pricing in an 8.70% move, and with Advanced Micro Devices valued at $769 billion, that puts about $66.9 billion of market value at stake. The implied volatility is notable in the context of how extended the stock has been in 2026.
Advanced Micro Devices designs semiconductors for PCs, gaming, data centers (including AI), industrial and automotive markets, keeping investors focused on demand signals across multiple end markets. The stock carries a Buy consensus rating and the share price sits below the 180-day average analyst price forecast; in July, Susquehanna and Mizuho raised their price forecasts.
Shares have rallied in 2026, up 113.1% year-to-date and trading 51.3% above the 200-day moving average. The shares sit about 19% below the 52-week high of $584.73.
3. Spotify Technology S.A. | Mkt Cap: $104B | Implied Move: 9.01%
Spotify Technology S.A. (NYSE:SPOT) reports second quarter of 2026 results before the opening bell. Consensus estimates call for $3.29 in earnings per share on $5.60 billion in revenue, compared with a 48 cent per share loss on $4.75 billion a year ago.
Benzinga Pro data show the options market is implying a 9.01% move, with about $9.34 billion of market value at stake. That elevated implied swing reflects how quickly sentiment can shift on subscriber trends, pricing, and margin trajectory.
Spotify Technology S.A. is the leading global music streaming platform, with a massive base of monthly active users and a large premium subscriber segment. The stock carries a Buy consensus rating, and the 180-day average analyst price forecast is above where the stock trades; in July, Benchmark and UBS cut their price forecasts.
The stock has pulled back in 2026, down 13.1% year-to-date and trading 3.8% below the 200-day moving average. The shares sit about 33% below the 52-week high of $748.30.
2. Arista Networks | Mkt Cap: $226B | Implied Move: 11.26%
Arista Networks (NYSE:ANET) reports second quarter of 2026 results after the closing bell. The Street is forecasting 86 cents in earnings per share on $2.83 billion in revenue, up from 73 cents on $2.21 billion in the year-ago quarter.
According to Benzinga Pro, options are pricing in an 11.26% move, putting roughly $25.4 billion of market value at stake. That’s one of the larger implied swings in this Benzinga-selected set, fitting for a networking name closely tied to data-center spending cycles.
Arista Networks sells Ethernet switches and software to data centers, with its extensible operating system positioned as a key differentiator across its hardware lineup. The stock carries a Buy consensus rating and shares trade below the 180-day average analyst price forecast; in July, Needham and Wells Fargo raised their price forecasts.
Shares have rallied in 2026, up 35.0% year-to-date and trading 22.9% above the 200-day moving average. The shares sit about 56% above the 52-week low of $114.52.
1. Space Exploration Technologies Corp. | Mkt Cap: $1.4T | Implied Move: 14.32%
Space Exploration Technologies Corp. (NASDAQ:SPCX) reports second quarter of 2026 results after the closing bell. Analysts expect a 16 cent per share loss on $6.87 billion in revenue.
Benzinga Pro data show options are pricing in a 14.32% move — the widest implied swing in this nine-stock countdown — with about $204 billion of market value at stake given Space Exploration Technologies’ $1.42 trillion size. That’s a high-volatility setup even by mega-cap standards.
SpaceX designs, manufactures and operates reusable rockets that launch payloads into Earth orbit for government and commercial customers. The stock carries a Buy consensus rating, and the stock is trading well below the 180-day average analyst price forecast; in August, Macquarie reiterated its Outperform rating, and in July, HSBC initiated coverage with a Hold rating.
The stock is within 0.8% of the 52-week low of $107.01 heading into the report, a backdrop that helps explain why the options market is braced for a large post-earnings reaction.
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