Earnings are set to hit the tape on Wednesday, after the closing bell, and options traders are already laying down markers on how violent the post-print reaction could be, according to Benzinga Pro.
This is a Benzinga-selected watchlist spanning consumer, software, semiconductors and cybersecurity. The marquee name on the list is Microsoft Corp — but the biggest implied move is saved for the end as the countdown runs from the calmest setup to the most volatile.
5. Starbucks Corp | Mkt Cap: $119B | Implied Move: 5.76%
Starbucks Corp (NASDAQ:SBUX) reports third quarter of 2026 results, with Wall Street looking for 65 cents in earnings per share on $9.16 billion in revenue. That stacks up against 50 cents on $9.46 billion in the year-ago quarter, setting up a print where profit growth and the top line are moving in different directions.
Benzinga Pro data show the options market is implying a 5.76% move, the smallest swing in this five-stock lineup — but with a $119 billion market cap, that still leaves $6.86 billion of market value at stake around the report.
Starbucks remains a global coffee giant built on highly customizable drinks and a footprint of nearly 41,000 cafes across more than 80 countries, split between company-operated stores and licensees. The stock carries a Buy consensus rating, and the stock is trading below the 180-day average analyst price forecast; in July, Wells Fargo, Morgan Stanley and Citigroup raised their price forecasts.
Shares have rallied in 2026, up 23.4% year-to-date and trading 10.7% above the 200-day moving average. The shares sit about 34% above the 52-week low of $77.99.
4. Microsoft Corp | Mkt Cap: $2.9T | Implied Move: 6.48%
Microsoft Corp (NASDAQ:MSFT) reports fourth quarter of 2026 results, and expectations are set for $4.23 in earnings per share on $87.61 billion in revenue. A year ago, Microsoft delivered $3.65 on $76.44 billion, so the bar is framed around sustaining growth at massive scale.
Options are pricing in a 6.48% move, according to Benzinga Pro — a mid-pack implied swing on this list, but one that matters given Microsoft’s size. With a market cap of $2.92 trillion, Benzinga Pro pegs $189 billion of market value at stake.
Microsoft’s stock carries a Buy consensus rating, and the share price sits well below the 180-day average analyst price forecast; in July, UBS reiterated its Buy rating and cut its price forecast, while Guggenheim reiterated its Buy rating.
The stock has pulled back in 2026, down 17.7% year-to-date and trading 9.7% below the 200-day moving average. The shares sit about 29% below the 52-week high of $555.45.
3. Meta Platforms, Inc. | Mkt Cap: $1.5T | Implied Move: 7.08%
Meta Platforms, Inc. (NASDAQ:META) reports second quarter of 2026 results, with consensus calling for $7.18 in earnings per share on $60.22 billion in revenue. That compares with $7.14 on $47.52 billion in the prior-year quarter, putting the focus on whether revenue momentum continues to do the heavy lifting.
Benzinga Pro shows options traders are implying a 7.08% move. On a $1.51 trillion market cap, that translates to $107 billion of market value at stake — a reminder that even "single-digit" implied moves can be enormous in dollar terms for mega-caps.
Meta Platforms runs the world’s largest social media ecosystem, with its Family of Apps — Facebook, Instagram, Messenger and WhatsApp — reaching close to 4 billion monthly active users worldwide. The stock carries a Buy consensus rating and the 180-day average analyst price forecast sits well above where the stock trades; in July, Raymond James, Wells Fargo and Rothschild & Co raised their price forecasts.
The stock has pulled back in 2026, down 8.7% year-to-date and trading 6.5% below the 200-day moving average. The shares sit about 25% below the 52-week high of $796.25.
2. Lam Research Corp | Mkt Cap: $350B | Implied Move: 10.50%
Lam Research Corp (NASDAQ:LRCX) reports fourth quarter of 2026 results, and the Street is modeling $1.68 in earnings per share on $6.66 billion in revenue. That’s up from $1.33 on $5.17 billion a year earlier, keeping attention on how demand for wafer-fab tools is flowing through to both sales and profitability.
According to Benzinga Pro, the options market is implying a 10.50% move — one of the larger swings in this Benzinga-selected set. With Lam Research valued at $350 billion, Benzinga Pro’s implied stake comes to $36.8 billion of market value in play.
Lam Research is a major semiconductor wafer fabrication equipment supplier, specializing in deposition and etch tools used to build and pattern chip layers. The stock carries a Buy consensus rating, and shares trade well below the 180-day average analyst price forecast; in July, Evercore ISI Group, Stifel and Needham raised their price forecasts.
Shares have rallied in 2026, up 57.6% year-to-date and trading 17.5% above the 200-day moving average. The shares sit about 36% below the 52-week high of $438.50.
1. Fortinet, Inc. | Mkt Cap: $112B | Implied Move: 11.69%
Fortinet, Inc. (NASDAQ:FTNT) reports second quarter of 2026 results, with analysts looking for 73 cents in earnings per share on $1.88 billion in revenue. The year-ago quarter came in at 64 cents on $1.63 billion, setting up a growth-focused print as investors weigh demand for security platforms and subscriptions.
Benzinga Pro data show options are pricing in an 11.69% move — the widest implied swing in this five-name watchlist. On a $112 billion market cap, that’s $13.1 billion of market value at stake around earnings.
Fortinet sells a platform-based cybersecurity stack spanning network security, cloud security, zero-trust access and security operations, with a majority of revenue tied to subscriptions and support. The stock carries a Hold consensus rating, and the stock is trading above the 180-day average analyst price forecast; in July, Cantor Fitzgerald, Citigroup and Truist Securities raised their price forecasts.
Shares have rallied in 2026, up 95.7% year-to-date, trading 53.7% above the 200-day moving average since the 50-day moving average crossed above the 200-day in May. The shares sit about 117% above the 52-week low of $70.12.
Photo: iQoncept / Shutterstock
Login to comment