Earnings Volatility Watch: Micron And 9 Stocks Set For Big Moves This Week

The last week of June marks the tail of first-quarter earnings season, and it closes with the name most investors have been waiting for: Micron Technology, Inc. (NASDAQ:MU).

The AI-memory giant has rallied 300% this year and crossed $1 trillion in market value, riding a wave of investment into artificial intelligence infrastructure that has made semiconductors its largest beneficiaries.

Options are now pricing a 14% post-earnings swing in Micron.

Beyond Micron, the week brings nine more names carrying large implied moves, data from Benzinga Pro shows.

An implied move is the size of the post-earnings swing options traders are paying to hedge against, derived from the price of at-the-money calls and puts.

The figures below come from Benzinga Pro’s earnings screen, filtered by market capitalization above $10 billion.

Here is the week, counted down from the smallest expected move to the largest.

10 Volatile Stocks With The Biggest Implied Moves This Week

10. FedEx Corporation (NYSE:FDX) | Mkt Cap: $77.83B | Implied Move: 6.99%

• FedEx Corporation reports fourth-quarter results on Tuesday, June 23, after the close.

• Wall Street is modeling earnings near $5.95 per share on revenue of about $24.05 billion.

• The 6.99% implied move is the smallest on this week’s list — roughly $23 a share on a $325 stock — but still equates to about $5.4 billion of market value on a single session.

• As a global logistics carrier, FedEx is a live read on trade flows and fuel costs, with the Strait of Hormuz reopening to shipping after weeks of disruption, and its guidance usually moves the stock more than the quarter itself does. The shares are up about 41% year to date, near $325.

9. Carnival Corporation & plc (NYSE:CCL) | Mkt Cap: $42.70B | Implied Move: 7.62%

• Carnival Corporation & plc delivers second-quarter results before the open on Tuesday, June 23.

• Analysts expect about $0.35 per share on revenue near $6.69 billion.

• The 7.62% implied move works out to roughly $2.28 a share on a $30 stock, putting about $3.3 billion of market value in play.

• With Brent crude sliding below $80 as the Strait of Hormuz reopens to shipping, fuel is the swing factor for the cruise operator, and the print pits booking momentum against an easing — but still elevated — fuel bill. Carnival is essentially flat on the year, up 1.55% near $30.

8. Paychex, Inc. (NASDAQ:PAYX) | Mkt Cap: $35.20B | Implied Move: 8.36%

• Paychex, Inc. posts fourth-quarter results before the open on Wednesday, June 24.

• The Street is looking for about $1.30 per share on revenue near $1.60 billion.

• An 8.36% implied move — around $8 a share on a $100 stock — equates to roughly $2.9 billion of market value on a single session.

• Paychex runs payroll for small and mid-sized businesses, which makes its commentary one of the cleaner reads on hiring and wage trends as the economy holds up through the easing Strait of Hormuz crisis. The stock is down about 10% year to date near $100.

7. Trip.com Group Limited (NASDAQ:TCOM) | Mkt Cap: $28.40B | Implied Move: 8.64%

• Trip.com Group Limited reports first-quarter results after the close on Wednesday, June 24.

• Consensus calls for about $0.79 per share on revenue near $2.33 billion.

• The 8.64% implied move, roughly $4 a share on a $45 stock, puts about $2.5 billion of market value at stake.

• The Chinese online travel platform sits squarely in the path of a reopening Hormuz and Brent slipping below $80, with cross-border travel demand the open question hanging over the quarter. It is the weakest performer on the list, down 37% year to date, near $45.

6. Jefferies Financial Group Inc. (NYSE:JEF) | Mkt Cap: $12.70B | Implied Move: 8.65%

• Jefferies Financial Group Inc. reports second-quarter results after the close on Wednesday, June 24.

• Analysts peg earnings near $1.08 per share on revenue of about $2.30 billion.

• The 8.65% implied move — about $5 a share on a $62 stock — translates to roughly $1.1 billion of market value on a single session.

• As one of the first banks to report each cycle, Jefferies gives an early read on whether wartime volatility is feeding trading desks or freezing deal activity. The stock is roughly flat year to date, up 0.96% near $62.

5. McCormick & Company, Incorporated (NYSE:MKC) | Mkt Cap: $12.54B | Implied Move: 9.05%

• McCormick & Company, Incorporated delivers second-quarter results before the open on Thursday, June 25.

• The Street is modeling about $0.69 per share on revenue near $1.91 billion.

• A 9.05% implied move, roughly $4 a share on a $45 stock, equates to about $1.1 billion of market value at stake.

• The spice and flavorings maker is the one defensive staple on the list, yet options are treating it like anything but, as soft volumes and input costs collide. McCormick is among the week’s weakest, down 31% year to date, near $45.

4. TD SYNNEX Corporation (NYSE:SNX) | Mkt Cap: $22.88B | Implied Move: 9.95%

• TD SYNNEX Corporation reports second-quarter results before the open on Thursday, June 25.

• Consensus calls for about $4.12 per share on revenue near $16.80 billion.

• A 9.95% implied move — nearly $28 a share on a $280 stock — puts roughly $2.3 billion of market value in play on a single session.

• The IT distributor is a backbone of the technology supply chain, moving hardware and software from vendors to resellers, and a near-double in 2026 leaves a high bar to clear. The stock is up 90% year to date, near $280.

3. ICON plc (NASDAQ:ICLR) | Mkt Cap: $11.18B | Implied Move: 12.28%

• ICON plc posts first-quarter results after the close on Tuesday, June 23.

• Analysts expect about $2.42 per share on revenue near $2.00 billion.

• The 12.28% implied move, roughly $18 a share on a $145 stock, equates to about $1.4 billion of market value on a single session.

• The contract research organization runs clinical trials for drugmakers, which makes its order book a forward read on pharmaceutical research spending. ICON is down about 20% year to date, near $145.

2. Micron Technology, Inc.| Mkt Cap: $1.28T | Implied Move: 14.24%

• Micron reports third-quarter results after the close on Wednesday, June 24.

• Wall Street is modeling about $20.47 per share on revenue near $35.42 billion.

• The 14.24% implied move — roughly $149 per share on a $1,040 stock — puts an extraordinary $182 billion in market value in motion in a single session, by far the largest dollar exposure on the list.

• Memory has become the AI trade’s second leg, and Micron’s high-bandwidth memory sits inside the accelerators powering the buildout. After a 297% year-to-date run to a $1.28 trillion valuation, the print will test how much perfection is already priced in.

1. Cerebras Systems Inc. (NASDAQ:CBRS) | Mkt Cap: $51.54B | Implied Move: 16.15%

• Cerebras Systems Inc. tops the list with first-quarter results after the close on Tuesday, June 23 — its first set of results since going public.

• The Street is modeling a loss near $0.16 per share on revenue of just $181.59 million.

• Options are pricing a 16.15% swing — the widest of the week, about $35 a share on a $212 stock — translating to roughly $8.3 billion of market value at risk on a single session.

• The AI-chip challenger carries a $51 billion valuation on revenue measured in the hundreds of millions, the largest gap between expectation and reported numbers on the slate. Down 32% from the $311 first-day close, the stock heads into a print where the forward outlook, not the quarter just ended, sets up the next leg.

COMPANY	TICKER	REPORTS ON	IMPLIED MOVE	MKT CAP	EST. EPS	EST. REV	YTD
Cerebras Systems	CBRS	JUN 23 • AMC	16.15%	$51.54B	-$0.16	$182M	-32% (since IPO)
Micron Technology	MU	JUN 24 • AMC	14.24%	$1.28T	$20.47	$35.42B	+297%
ICON	ICLR	JUN 23 • AMC	12.28%	$11.18B	$2.42	$2.00B	-20%
TD SYNNEX	SNX	JUN 25 • BMO	9.95%	$22.88B	$4.12	$16.80B	+90%
McCormick	MKC	JUN 25 • BMO	9.05%	$12.54B	$0.69	$1.91B	-31%
Jefferies	JEF	JUN 24 • AMC	8.65%	$12.70B	$1.08	$2.30B	+1%
Trip.com Group	TCOM	JUN 24 • AMC	8.64%	$28.40B	$0.79	$2.33B	-37%
Paychex	PAYX	JUN 24 • BMO	8.36%	$35.20B	$1.30	$1.60B	-10%
Carnival	CCL	JUN 23 • BMO	7.62%	$42.70B	$0.35	$6.69B	+2%
FedEx	FDX	JUN 23 • AMC	6.99%	$77.83B	$5.95	$24.05B	+41%

Photo: Qoncept via Shutterstock