Earnings season will likely keep the tape jumpy this week, and the options market is already sketching out where the biggest post-print air pockets — and upside gaps — could show up, according to Benzinga Pro.
This is a Benzinga-selected watchlist that runs from large-cap healthcare to high-beta software and storage names. The marquee name on the list is Eli Lilly, but the largest implied move is saved for the final section as the countdown runs from the least volatile setup to the most.
9. Gilead Sciences | Mkt Cap: $161B | Implied Move: 6.72%
Gilead Sciences Inc. (NASDAQ:GILD) reports second quarter of 2026 results on Tuesday, after the closing bell.
Wall Street is looking for a $7.14 per share loss on revenue of $7.40 billion, versus $2.01 in earnings per share on $7.08 billion a year ago — a setup that puts extra weight on the company’s commentary around what’s driving the swing.
Benzinga Pro data show options are pricing in a 6.72% move, with $10.8 billion of market value at stake given Gilead Sciences’ $161 billion market cap.
Gilead Sciences sells therapies for life-threatening infectious diseases, with a core focus on HIV and hepatitis B and C. The stock carries a Buy consensus rating, and the stock is trading below the 180-day average analyst price forecast; in July, Morgan Stanley reiterated its Overweight rating and cut its price forecast, while Leerink Partners downgraded the stock to Market Perform and cut its price forecast.
Shares have rallied in 2026, up 8.0% year-to-date, but trade 1.7% below the 200-day moving average after the 50-day moving average crossed below the 200-day in July. The shares sit about 18% below the 52-week high of $157.29.
8. Uber | Mkt Cap: $144B | Implied Move: 6.83%
Uber Technologies, Inc. (NYSE:UBER) reports second quarter of 2026 results on Wednesday, before the opening bell.
Consensus estimates call for 83 cents in earnings per share on revenue of $14.24 billion, up from 63 cents on $12.65 billion in the prior-year quarter. With a platform business that can show operating leverage quickly, investors tend to focus on whether growth and profitability are moving in sync.
According to Benzinga Pro, the options market is implying a 6.83% move, representing about $9.82 billion of market value at stake for Uber Technologies’ $144 billion market cap.
Uber Technologies matches riders with drivers, diners with restaurants and couriers, and shippers with carriers — and that mix can make the quarter’s segment-level momentum and outlook as important as the headline beat or miss. The stock has a Buy consensus rating, and the share price sits well below the 180-day average analyst price forecast; in July, B of A Securities reiterated its Buy rating and cut its price forecast, while TD Cowen reiterated its Buy rating.
The stock has pulled back in 2026, down 15.1% year-to-date and trading 10.2% below the 200-day moving average. The shares sit about 31% below the 52-week high of $101.99.
7. Howmet Aerospace | Mkt Cap: $112B | Implied Move: 6.89%
Howmet Aerospace Inc. (NYSE:HWM) reports second quarter of 2026 results on Thursday, before the opening bell.
Analysts expect $1.24 in earnings per share on revenue of $2.43 billion, compared with 91 cents on $2.05 billion a year ago. For an engineered-solutions supplier tied to aerospace and transportation demand, the quarter often comes down to execution and the durability of end-market strength.
Benzinga Pro data show options are pricing in a 6.89% move, putting roughly $7.74 billion of market value at stake based on Howmet Aerospace’s $112 billion market cap.
Howmet Aerospace makes engineered products for aerospace and transportation customers, and investors will be listening for any read-through on production rates and demand. The stock carries a Buy consensus rating and the 180-day average analyst price forecast is above where the stock trades; in July, RBC Capital, TD Cowen, and Jefferies raised their price forecasts.
Shares have rallied in 2026, up 31% year-to-date and trading 19.1% above the 200-day moving average. The shares sit about 66% above the 52-week low of $169.45.
6. Eli Lilly & Co. | Mkt Cap: $1T | Implied Move: 7.37%
Eli Lilly & Co. (NYSE:LLY) reports second quarter of 2026 results on Wednesday, before the opening bell.
The Street is modeling $8.84 in earnings per share on revenue of $20.44 billion, up from $6.31 on $15.56 billion a year ago. With a large base and big expectations embedded in forecasts, the market’s reaction can hinge on guidance and the cadence of growth more than the quarter’s headline numbers.
According to Benzinga Pro, options are implying a 7.37% move. On Eli Lilly’s $1.04 trillion market cap, that’s about $76.4 billion of market value at stake.
Eli Lilly develops drugs across neuroscience, cardiometabolic, cancer and immunology, keeping the focus on both near-term performance and longer-run pipeline confidence. The stock has a Buy consensus rating and shares trade below the 180-day average analyst price forecast; in July, Citigroup, Bernstein, and UBS raised their price forecasts.
Shares have rallied in 2026, up 6.9% year-to-date and trading 13.5% above the 200-day moving average. The shares sit about 86% above the 52-week low of $623.78.
5. Shopify | Mkt Cap: $158B | Implied Move: 12.47%
Shopify Inc. (NASDAQ:SHOP) reports second quarter of 2026 results on Wednesday, before the opening bell.
Consensus calls for 37 cents in earnings per share on revenue of $3.44 billion, versus 35 cents on $2.68 billion a year ago. For a platform tied to small and mid-sized merchants, the quarter can quickly become a referendum on e-commerce demand and take-rate dynamics.
Benzinga Pro data show options are pricing in a 12.47% move, with about $19.7 billion of market value at stake given Shopify Inc. Class A subordinate voting shares’ $158 billion market cap.
The stock carries a Buy consensus rating and the stock is trading below the 180-day average analyst price forecast; in July, Citigroup reiterated its Buy rating and cut its price forecast, while Rothschild & Co downgraded the stock to Neutral and cut its price forecast.
The stock has pulled back in 2026, down 22.1% year-to-date and trading 8.8% below the 200-day moving average. The shares sit about 33% below the 52-week high of $182.19.
4. Cloudflare | Mkt Cap: $102B | Implied Move: 12.68%
Cloudflare, Inc. (NYSE:NET) reports second quarter of 2026 results on Thursday, after the closing bell.
Wall Street expects 21 cents in earnings per share on revenue of $666.17 million, compared with 21 cents on $512.32 million a year ago. With growth still the headline, the market often treats the print as a check-in on demand for security and web-performance services.
According to Benzinga Pro, the options market is implying a 12.68% move — about $12.9 billion of market value at stake for Cloudflare, Inc. Class A common stock, par value $0.001 per share’ $102 billion market cap.
Cloudflare runs a distributed network that delivers security and web performance offerings, and the quarter can swing on customer adds and the tone of forward commentary. The stock carries a Buy consensus rating, and the share price sits above the 180-day average analyst price forecast; in July, Oppenheimer, Truist Securities, and Citizens raised their price forecasts.
Shares have rallied in 2026, up 44.6% year-to-date, trading 34.5% above the 200-day moving average since the 50-day moving average crossed above the 200-day in May. The stock is within 1.6% of the 52-week high of $291.00.
3. AppLovin | Mkt Cap: $137B | Implied Move: 12.96%
Applovin Corp. (NASDAQ:APP) reports second quarter of 2026 results on Wednesday, after the closing bell.
The consensus view is $3.75 in earnings per share on revenue of $1.94 billion, up from $2.39 on $1.26 billion a year ago. That growth profile keeps attention on whether advertising-tech momentum is holding up — and whether the company can sustain it through the back half.
Benzinga Pro data show options are pricing in a 12.96% move, with roughly $17.8 billion of market value at stake based on Applovin’s $137 billion market cap.
Applovin operates a vertically integrated ad-tech platform that connects advertisers and publishers, acting across demand-side, supply-side and exchange functions. The stock carries a Buy consensus rating and the 180-day average analyst price forecast sits well above where the stock trades; in July, Wells Fargo reiterated its Overweight rating and raised its price forecast.
The stock has pulled back in 2026, down 34.7% year-to-date and trading 21.7% below the 200-day moving average. The shares sit about 45% below the 52-week high of $745.61.
2. Sandisk | Mkt Cap: $201B | Implied Move: 18.31%
Sandisk Corp. (NASDAQ:SNDK) reports Q4 2026 results on Wednesday, after the closing bell.
Analysts are looking for $33.38 in earnings per share on revenue of $8.24 billion, versus 29 cents on $1.90 billion a year ago. That kind of year-over-year jump puts a spotlight on how much of the move is cycle, how much is execution, and what the company signals about demand ahead.
According to Benzinga Pro, options are implying an 18.31% move — and with Sandisk valued at $201 billion, that’s about $36.8 billion of market value at stake.
Sandisk is a major NAND flash memory supplier and is vertically integrated, producing most of its flash chips in Japan through a joint venture with Kioxia. The stock carries a Buy consensus rating and shares trade well below the 180-day average analyst price forecast; in July, Susquehanna reiterated its Positive rating and cut its price forecast, while Wells Fargo reiterated its Equal-Weight rating and raised its price forecast.
Shares have rallied in 2026, up 365.0% year-to-date and trading 62.5% above the 200-day moving average. The shares sit about 42% below the 52-week high of $2354.39.
1. Western Digital Corp. | Mkt Cap: $192B | Implied Move: 19.20%
Western Digital Corp. (NASDAQ:WDC) reports fourth quarter of 2026 results on Wednesday, after the closing bell.
Consensus estimates call for $3.27 in earnings per share on revenue of $3.69 billion, compared with $1.66 on $2.60 billion a year ago. For a storage name tied to enterprise and cloud demand, the market tends to react as much to the forward setup as to the quarter itself.
Benzinga Pro data show options are pricing in a 19.20% move — the widest implied move on this list — with about $36.8 billion of market value at stake given Western Digital’s $192 billion market cap.
Western Digital is a vertically integrated supplier of hard disk drives in a market that functions as a practical duopoly alongside Seagate. The stock carries a Buy consensus rating and the stock is trading near the 180-day average analyst price forecast; in July, Citigroup, Wells Fargo, and Susquehanna raised their price forecasts.
Shares have rallied in 2026, up 184.0% year-to-date and trading 71.6% above the 200-day moving average. The shares sit about 29% below the 52-week high of $799.87.
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