Earnings hit the tape in a tight window on Thursday, before the opening bell, and the options market is already laying down markers for how violent the post-print reaction could be, according to Benzinga Pro.
This is a Benzinga-selected watchlist spanning crypto-market infrastructure, communications equipment, fintech and space, with Figure Technology as the marquee name — but the biggest implied swing is saved for the final stop as the countdown runs from the calmest setup to the most volatile.
5. Bullish | Mkt Cap: $3.7B | Implied Move: 9.46%
Bullish (NYSE:BLSH) reports second quarter of 2026 results. Wall Street is looking for 9 cents in earnings per share on $87.96 million in revenue, compared with 93 cents on $58.63 million a year ago.
Options traders are braced for a 9.46% move, and Benzinga Pro data frame that as roughly $353 million of market value at stake. In this five-stock lineup, that’s the narrowest implied move — but still a meaningful range for a $3.73 billion company.
Bullish runs an institutionally focused digital-asset platform, so the quarter can hinge on trading activity, market structure demand and the pace of product adoption. The stock carries a Buy consensus rating, and the stock is trading well below the 180-day average analyst price forecast; recent Street notes have been mixed, with JP Morgan cutting its price forecast in June while Cantor Fitzgerald raised its price forecast in May.
The shares have pulled back in 2026, down 37.5% year-to-date and trading 30.9% below the 200-day moving average. Bullish sits about 79% below the 52-week high of $118 heading into the print.
4. Ondas Inc. | Mkt Cap: $5.7B | Implied Move: 11.14%
Ondas Inc. (NASDAQ:ONDS) reports second quarter of 2026 results. Consensus calls for a 7 cent per share loss on $67.71 million in revenue, compared with a 8 cent per share loss on $6.27 million a year ago.
Benzinga Pro shows options are pricing in an 11.14% move, putting about $634 million of market value at stake. That implied range lands in the middle of this Benzinga-selected list, but it’s sizable for a name that can re-rate quickly on revenue momentum.
Ondas sells and supports FullMAX software-defined radio technology and also operates an autonomous-systems segment, tying the earnings narrative to demand for communications equipment and deployment cadence. Analysts lean constructive with a Buy consensus rating, and the share price sits well below the 180-day average analyst price forecast; in August, Roth Capital initiated coverage with a Buy rating, while Needham cut its price forecast in July.
Ondas has declined in 2026, down 11.6% year-to-date, yet it trades 6.7% above the 200-day moving average since the 50-day moving average crossed below the 200-day in July. The stock is about 35% below the 52-week high of $15.28.
3. Figure Technology | Mkt Cap: $6.2B | Implied Move: 12.09%
Figure Technology Solutions, Inc. (NASDAQ:FIGR) reports second quarter of 2026 results. The Street is modeling 30 cents in earnings per share on $214.32 million in revenue.
According to Benzinga Pro, the options market is implying a 12.09% move, or about $747 million of market value at stake. For a $6.18 billion company, that’s a clear signal traders expect a decisive reaction to the quarter’s numbers and any forward commentary.
Figure Technology Solutions is building capital-markets infrastructure with blockchain technology, with its platform aimed at next-generation lending, trading and investing tied to consumer credit and digital assets. It carries a Strong_buy consensus rating, and the 180-day average analyst price forecast sits well above where the stock trades; in August, Bernstein raised its price forecast, while Piper Sandler and Keefe, Bruyette & Woods cut their price forecasts in July.
Figure Technology Solutions has pulled back in 2026, down 36.4% year-to-date and trading 24.9% below the 200-day moving average. The shares sit about 64% below the 52-week high of $78.00 into earnings.
2. Intuitive Machines | Mkt Cap: $2.7B | Implied Move: 13.36%
Intuitive Machines, Inc. (NASDAQ:LUNR) reports second quarter of 2026 results. Wall Street expects a 7 cent per share loss on $220.75 million in revenue, compared with a 22 cent per share loss on $50.31 million a year ago.
Benzinga Pro data show options are pricing a 13.36% move, which translates to roughly $360 million of market cap in play. With a $2.69 billion valuation, that implied swing underscores how sensitive the stock can be to execution updates and the revenue ramp.
Intuitive Machines operates as a space infrastructure and services company focused on enabling sustained human activity beyond Earth, keeping investors keyed in on contract progress and delivery timing. The stock has a Buy consensus rating, and shares trade well below the 180-day average analyst price forecast; in May, Roth Capital, Cantor Fitzgerald, and Canaccord Genuity raised their price forecasts.
Intuitive Machines has pulled back in 2026, down 7.8% year-to-date and trading 12.7% below the 200-day moving average. The stock is about 64% below the 52-week high of $46.75.
1. Fermi | Mkt Cap: $4.7B | Implied Move: 20.96%
Fermi Inc. (NASDAQ:FRMI) reports second quarter of 2026 results. Analysts are looking for a 6 cent per share loss on $5.99 million in revenue.
Options-implied volatility is the loudest here: Benzinga Pro shows a 20.96% move priced in, the widest on this list, with about $992 million of market value at stake. That’s a big expected swing for a $4.73 billion company, and it sets a high bar for the quarter to clarify the operating trajectory.
Fermi is building a private power campus for AI-centric customers, developing and leasing large-scale, grid-independent energy generation and high-performance computing facilities geared to hyperscale demand. The Street’s consensus rating is Buy, and the stock is trading well below the 180-day average analyst price forecast; recent analyst actions have skewed cautious on forecasts, with Mizuho and Stifel cutting their price forecasts and Evercore ISI Group downgrading the stock to In-Line.
Fermi has pulled back in 2026, down 19.3% year-to-date and trading 23.1% below the 200-day moving average. The shares sit about 80% below the 52-week high of $36.99 heading into the report.
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