Earnings are back in the driver’s seat on Thursday, with a Benzinga-selected slate that ranges from regulated utilities to mega-cap tech and payments. With guidance and segment commentary often moving stocks as much as the headline numbers, the options market offers a real-time read on how much volatility traders are bracing for, according to Benzinga Pro.
The marquee name on this list is Apple Inc., but the biggest implied move is saved for the final section as the countdown runs from the calmest setup to the most volatile.
6. The Southern Company | Mkt Cap: $108B | Implied Move: 3.04%
The Southern Company (NYSE:SO) reports second quarter of 2026 results before the opening bell. Wall Street is looking for $1.01 in earnings per share on $7.25 billion in revenue, compared with 92 cents on $6.97 billion a year ago.
Benzinga Pro data show options are pricing in a 3.04% move around the print — the smallest implied swing in this Benzinga-selected group — but that still translates to $3.28 billion of market value at stake.
Southern is one of the largest U.S. utilities, serving 9 million customers through vertically integrated electric operations in three states and natural gas distribution utilities in four states. Analyst sentiment is mixed: the stock carries a Hold consensus rating, and the stock is trading below the 180-day average analyst price forecast. Recent notes have pointed in different directions, with BMO Capital reiterating Outperform and raising its price forecast in July, while Keybanc downgraded the stock to Underweight.
Shares have rallied in 2026, up 11% year-to-date and trading 3.9% above the 200-day moving average.
5. Apple Inc. | Mkt Cap: $5T | Implied Move: 3.42%
Apple Inc. (NASDAQ:AAPL) reports third quarter of 2026 results after the closing bell. Consensus estimates call for $1.89 in earnings per share on $108.86 billion in revenue, up from $1.57 on $94.04 billion in the prior-year quarter.
According to Benzinga Pro, the options market is implying a 3.42% move, with roughly $170 billion of market value at stake given Apple’s $4.98 trillion market cap.
Apple remains one of the world’s largest companies, spanning consumer and enterprise hardware alongside a broad software and services ecosystem. The stock carries a Buy consensus rating, and the share price sits above the 180-day average analyst price forecast. In July, Morgan Stanley reiterated Overweight and raised its price forecast, while HSBC upgraded the stock to Buy and raised its price forecast; Keybanc, meanwhile, downgraded the stock to Underweight.
The shares have rallied in 2026, up 25.5% year-to-date and trading 22.6% above the 200-day moving average, with the stock within 1% of the 52-week high of $342.89.
4. Mastercard Inc. | Mkt Cap: $497B | Implied Move: 3.79%
Mastercard Inc. (NYSE:MA) reports second quarter of 2026 results before the opening bell. The Street is modeling $4.76 in earnings per share on $9.07 billion in revenue, compared with $4.15 on $8.13 billion a year ago.
Options traders are pricing in a 3.79% move, according to Benzinga Pro, putting about $18.8 billion of market value in play for the $497 billion payments giant.
Mastercard is the world’s second-largest payment processor, operating in more than 200 countries and handling transactions in over 150 currencies. The stock carries a Buy consensus rating, and the 180-day average analyst price forecast is above where the stock trades. In July, Barclays initiated coverage with an Overweight rating, while Truist Securities reiterated Buy and cut its price forecast.
Mastercard has been essentially flat in 2026, down 0.1% year-to-date while still trading 6.5% above the 200-day moving average.
3. Bristol-Myers Squibb Co. | Mkt Cap: $131B | Implied Move: 4.01%
Bristol-Myers Squibb Co. (NYSE:BMY) reports second quarter of 2026 results before the opening bell. Consensus calls for $1.61 in earnings per share on $11.70 billion in revenue, versus $1.46 on $12.30 billion in the year-ago quarter.
Benzinga Pro shows the options market implying a 4.01% move, with about $5.25 billion of market value at stake based on Bristol-Myers Squibb’s $131 billion market cap.
Bristol-Myers Squibb develops and markets therapies across areas including cardiovascular disease, cancer and immune disorders, with a major focus in immuno-oncology. The stock carries a Hold consensus rating, and shares trade close to the 180-day average analyst price forecast. In July, BofA Securities reiterated a Buy rating and cut its price forecast, while Cantor Fitzgerald reiterated a Neutral rating.
Shares have rallied in 2026, up 19.0% year-to-date and trading 16.2% above the 200-day moving average, with the stock within 1.2% of the 52-week high of $64.97.
2. Altria Group, Inc. | Mkt Cap: $126B | Implied Move: 4.23%
Altria Group, Inc. (NYSE:MO) reports second quarter of 2026 results before the opening bell. Wall Street is looking for $1.49 in earnings per share on $5.35 billion in revenue, compared with $1.44 on $6.10 billion a year ago.
According to Benzinga Pro, options are pricing in a 4.23% move, which equates to roughly $5.32 billion of market value at stake for the $126 billion tobacco company.
Altria Group houses businesses including Philip Morris USA, U.S. Smokeless Tobacco and John Middleton, alongside innovation-focused units. The stock carries a Hold consensus rating, and the stock is trading above the 180-day average analyst price forecast. Recent analyst tone has been split, with UBS reiterating Buy and raising its price forecast in July, while Barclays reiterated an Underweight rating and raised its price forecast in May.
Shares have rallied in 2026, up 30.6% year-to-date and trading 14.5% above the 200-day moving average, with the stock within 2.7% of the 52-week high of $77.06.
1. Amazon.Com Inc. | Mkt Cap: $2.5T | Implied Move: 6.04%
Amazon.Com Inc. (NASDAQ:AMZN) reports second quarter of 2026 results after the closing bell. The consensus view calls for $1.82 in earnings per share on $196.02 billion in revenue, up from $1.68 on $167.70 billion in the prior-year period.
Benzinga Pro data show options implying a 6.04% move — the widest on this Benzinga-selected list — with about $150 billion of market value at stake given Amazon.Com’s $2.49 trillion market cap.
Amazon.Com remains the leading online retailer and third-party marketplace, with revenue also driven by Amazon Web Services and advertising services. The stock carries a Buy consensus rating, and the share price sits well below the 180-day average analyst price forecast. Into the report, July analyst actions have been active: BMO Capital reiterated Outperform and raised its price forecast, while UBS reiterated Buy and cut its price forecast.
Shares have traded largely flat in 2026, up 1.9% year-to-date, trading 1.4% below the 200-day moving average after the 50-day moving average crossed above the 200-day in May. The shares sit about 17% below the 52-week high of $278.56.
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