Earnings are set to hit the tape in a tight window on Wednesday and the options market is already sketching out how much volatility traders are willing to pay for into the prints, according to Benzinga Pro.
This is a Benzinga-selected watchlist that runs from relatively muted setups to double-digit implied swings. The marquee name on the list is Eli Lilly & Co., but the biggest implied move is saved for the final section as the countdown builds toward rank 1.
7. The Walt Disney Company | Mkt Cap: $174B | Implied Move: 5.50%
The Walt Disney Company (NYSE:DIS) reports third quarter of 2026 results before the opening bell. Wall Street is looking for $1.86 in earnings per share on $25.44 billion in revenue, compared with $1.61 per share on $23.65 billion a year ago.
Benzinga Pro data show options are pricing in a 5.50% move around the report. With Walt Disney valued at $174 billion, that implies about $9.6 billion of market value at stake as investors weigh the mix of entertainment, sports and experiences.
That blend is exactly why this print can matter: Walt Disney’s results tend to be read through multiple lenses at once, from franchise-driven content performance to the cadence of experiences. The stock carries a Buy consensus rating, and the stock is trading well below the 180-day average analyst price forecast. In July, Citigroup, UBS, and Barclays cut their price forecasts.
Walt Disney has pulled back in 2026, down 12.3% year-to-date and trading 5.9% below the 200-day moving average. The shares sit about 18% below the 52-week high of $119.78.
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6. Uber Technologies, Inc. | Mkt Cap: $146B | Implied Move: 5.85%
Uber Technologies, Inc. (NYSE:UBER) reports second quarter of 2026 results before the opening bell. Consensus estimates call for 83 cents in EPS on $14.24 billion in revenue, up from 63 cents on $12.65 billion in the prior-year quarter.
Options traders are implying a 5.85% move, according to Benzinga Pro, putting roughly $8.55 billion of market value in play for Uber Technologies. For a platform business that touches mobility, delivery and logistics, the market often treats the quarter as a read on demand and take-rate durability across its network.
Uber Technologies matches riders with drivers, connects restaurants with couriers, and links shippers with carriers — a model that can produce strong operating leverage when volumes cooperate. The stock carries a Buy consensus rating, and the share price sits well below the 180-day average analyst price forecast. In July, B of A Securities cut its price forecast while reiterating a Buy rating, and TD Cowen reiterated its Buy rating.
Uber Technologies has pulled back in 2026, down 13.6% year-to-date and trading 8.6% below the 200-day moving average. The shares sit about 30% below the 52-week high of $101.99.
5. Eli Lilly & Co. | Mkt Cap: $1T | Implied Move: 6.56%
Eli Lilly & Co. (NYSE:LLY) reports second quarter of 2026 results before the opening bell. The Street is modeling $8.84 in earnings per share on $20.44 billion in revenue, compared with $6.31 on $15.56 billion a year earlier.
According to Benzinga Pro, the options market is pricing a 6.56% move around the release. With Eli Lilly & sitting at a $1 trillion market cap, that’s roughly $65.9 billion of market value at stake — the largest dollar figure on this list even though the implied percentage move isn’t the widest.
Eli Lilly & is a drugmaker focused on neuroscience, cardiometabolic, cancer and immunology, and the earnings call can shape expectations not just for the quarter but for how the pipeline and commercial portfolio are tracking. The stock carries a Buy consensus rating, and the 180-day average analyst price forecast is above where the stock trades. In July, Citigroup, Bernstein, and UBS raised their price forecasts.
Shares have rallied in 2026, up 3.8% year-to-date and trading 9.6% above the 200-day moving average. The shares sit about 80% above the 52-week low of $623.78.
4. Shopify | Mkt Cap: $152B | Implied Move: 10.81%
Shopify Inc. Class A subordinate voting shares (NASDAQ:SHOP) reports second quarter of 2026 results before the opening bell. Analysts expect 37 cents in EPS on $3.44 billion in revenue, versus 35 cents on $2.68 billion in the year-ago period.
Benzinga Pro data show options are pricing in a 10.81% move, which translates to about $16.4 billion of market value at stake for Shopify Inc. Class A subordinate voting shares. That’s a sizable volatility tag for a large-cap software name, reflecting how quickly sentiment can shift on growth and margin narratives.
The stock carries a Buy consensus rating, and shares trade well below the 180-day average analyst price forecast. In July, Citigroup cut its price forecast while reiterating a Buy rating, while Rothschild & Co downgraded the stock to Neutral.
Shopify Inc. Class A subordinate voting shares has pulled back in 2026, down 25.6% year-to-date and trading 11.9% below the 200-day moving average. The shares sit about 36% below the 52-week high of $182.19.
3. Applovin Corp. | Mkt Cap: $138B | Implied Move: 11.38%
Applovin Corp. (NASDAQ:APP) reports second quarter of 2026 results after the closing bell. Consensus calls for $3.75 in EPS on $1.94 billion in revenue, up from $2.39 on $1.26 billion a year ago.
Options are pricing in an 11.38% move around earnings, per Benzinga Pro, putting about $15.7 billion of market value at stake. That implied swing stands out even more given Applovin’s slide into the print — it’s the weakest YTD name in this group, down 34.3% year-to-date.
Applovin runs a vertically integrated ad-tech stack that connects advertisers and publishers through demand-side and supply-side tools, plus an exchange in the middle. The stock carries a Buy consensus rating, and the stock is trading well below the 180-day average analyst price forecast. In August, UBS reiterated its Buy rating and raised its price forecast, and in June, Raymond James initiated coverage with a Strong Buy rating.
Applovin has pulled back in 2026, down 34.3% year-to-date and trading 20.8% below the 200-day moving average. The shares sit about 45% below the 52-week high of $745.61.
2. Western Digital Corp. | Mkt Cap: $184B | Implied Move: 11.73%
Western Digital Corp. (NASDAQ:WDC) reports fourth quarter of 2026 results after the closing bell. Wall Street is looking for $3.27 in EPS on $3.69 billion in revenue, compared with $1.66 on $2.60 billion in the prior-year quarter.
Benzinga Pro shows the options market implying an 11.73% move, with about $21.6 billion of market value at stake. The setup is notable because Western Digital has been one of the most extended charts in this group — the stock is trading 62.3% above the 200-day moving average — so the earnings reaction can quickly test positioning.
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 share price sits below the 180-day average analyst price forecast. In July, Citigroup, Wells Fargo, and Susquehanna raised their price forecast.
Shares have rallied in 2026, up 180.9% year-to-date and trading 62.3% above the 200-day moving average. The shares sit about 32% below the 52-week high of $799.87.
1. Sandisk Corp. | Mkt Cap: $196B | Implied Move: 15.50%
Sandisk Corp. (NASDAQ:SNDK) reports fourth quarter of 2026 results after the closing bell. The consensus view calls for $33.38 in earnings per share on $8.24 billion in revenue, compared with 29 cents on $1.90 billion a year ago.
According to Benzinga Pro, options are pricing in a 15.50% move — the widest implied swing on this list — with roughly $30.4 billion of market value at stake. That’s a big volatility premium for a $196 billion company, underscoring how much uncertainty traders see around the print and guidance.
Sandisk is one of the five largest suppliers of NAND flash memory semiconductors globally, producing substantially all of its flash chips at manufacturing sites across Japan through a joint-venture framework with Kioxia. The stock carries a Buy consensus rating, and the 180-day average analyst price forecast sits well above where the stock trades. In July, Susquehanna cut its price forecast while reiterating a Positive rating, while B of A Securities reiterated its Buy rating and raised its price forecast.
Shares have rallied in 2026, up 368.0% year-to-date and trading 56.4% above the 200-day moving average. The shares sit about 44% below the 52-week high of $2354.39.
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