Earnings are set to hit the tape on Thursday and the options market is already laying down markers for how volatile these prints could be. For retail investors, implied moves can be a quick way to gauge where expectations — and risk — are concentrated heading into results and guidance, according to Benzinga Pro.
This Benzinga-selected watchlist spans software, retail, semiconductors and finance-linked names. The marquee name on this list is Marvell Technology, but the largest implied move is saved for the final section as the countdown runs from the least volatile setup to the most.
9. Workday, Inc. | Mkt Cap: $47B | Implied Move: 7.81%
Workday, Inc. (NASDAQ:WDAY) reports second quarter of 2027 results after the closing bell. Wall Street is looking for $2.34 in earnings per share on $2.63 billion in revenue, compared with $2.21 on $2.35 billion a year ago.
Options traders are starting from a relatively calmer baseline here: Benzinga Pro data show the market is implying a 7.81% move, with $3.68 billion of market value at stake. Even at the narrowest implied move on this list, that’s still a meaningful swing for a $47.2 billion company.
Workday sells cloud software for human capital management, financial management and business planning — categories where investors tend to focus on subscription momentum and enterprise spending tone. The stock carries a Buy consensus rating, and the stock is trading above the 180-day average analyst price forecast; in August, Canaccord Genuity and Jefferies raised their price forecasts.
Workday has declined in 2026, down 5.5% year-to-date, yet it trades 18.4% above the 200-day moving average. The shares sit about 24% below the 52-week high of $249.85.
8. Burlington Stores, Inc. | Mkt Cap: $20B | Implied Move: 8.17%
Burlington Stores, Inc. (NYSE:BURL) reports second quarter of 2026 results before the opening bell. Consensus estimates call for $1.98 in earnings per share on $2.99 billion in revenue, up from $1.72 on $2.71 billion in the prior-year quarter.
Benzinga Pro shows options are pricing in an 8.17% move, putting about $1.62 billion of market value at stake. For an off-price retailer, that implied range underscores how much investors can re-rate the story on a single quarter’s traffic and margin read-through.
Burlington Stores operates in the off-price lane, selling in-season, fashion-focused merchandise across apparel, beauty, footwear, accessories and home categories. The stock has a Buy consensus rating, and the share price sits below the 180-day average analyst price forecast; in August, Evercore ISI Group and UBS raised their price forecasts.
Shares have rallied in 2026, up 5.7% year-to-date and trading 0.8% above the 200-day moving average. The stock is still about 17% below the 52-week high of $378.33.
7. Ulta Beauty, Inc. | Mkt Cap: $23B | Implied Move: 8.47%
Ulta Beauty, Inc. (NASDAQ:ULTA) reports second quarter of 2026 results after the closing bell. The Street is modeling $6.25 in earnings per share on $3.00 billion in revenue, compared with $5.78 on $2.79 billion a year ago.
Benzinga Pro data put the implied move at 8.47%, or roughly $1.98 billion of market value at stake. That’s a sizable options-implied swing for a retailer of Ulta Beauty’s scale, reflecting how quickly sentiment can shift on demand trends and forward commentary.
Ulta Beauty is the largest specialized beauty retailer in the U.S., with more than 1,500 freestanding stores and a mix led by cosmetics, skin care, hair care and fragrances. Analysts rate the stock a Buy, and the 180-day average analyst price forecast is above where the stock trades; in August, Deutsche Bank reiterated its Buy rating and raised its price forecast.
Ulta Beauty has pulled back in 2026, down 13.4% year-to-date, and it’s trading 3.3% below the 200-day moving average after the 50-day moving average crossed below the 200-day in May. The shares sit about 25% below the 52-week high of $714.97.
6. Dollar Tree Inc. | Mkt Cap: $26B | Implied Move: 8.63%
Dollar Tree Inc. (NASDAQ:DLTR) reports second quarter of 2026 results before the opening bell. Consensus calls for $1.03 in earnings per share on $4.84 billion in revenue, versus 77 cents on $4.57 billion in the year-ago quarter.
The options market is leaning into a bigger post-earnings range here: according to Benzinga Pro, implied volatility points to an 8.63% move, with about $2.23 billion of market value at stake. That’s notable for a discount retailer where investors often key in on value-driven demand and execution.
Dollar Tree runs nearly 9,000 small-box discount stores across the U.S. and Canada, with roughly 85% of merchandise priced under $2. The stock carries a Hold consensus rating, and shares trade above the 180-day average analyst price forecast; in August, Truist Securities and Guggenheim raised their price forecasts, while Jefferies upgraded the stock to Hold and raised its price forecast.
Dollar Tree has rallied in 2026, up 5.3% year-to-date and trading 15.8% above the 200-day moving average since the 50-day moving average crossed below the 200-day in April. The shares sit about 59% above the 52-week low of $84.71.
5. Marvell Technology, Inc. | Mkt Cap: $217B | Implied Move: 9.58%
Marvell Technology, Inc. (NASDAQ:MRVL) reports second quarter of 2027 results after the closing bell. Wall Street’s consensus is 87 cents in earnings per share on $2.71 billion in revenue, compared with 67 cents on $2.01 billion a year ago.
Benzinga Pro data show options are implying a 9.58% move, and with Marvell Technology’s $217 billion market cap, that translates to $20.8 billion of market value at stake. Even in a nine-name watchlist, that’s one of the biggest "stakes" setups simply because of the company’s size.
Marvell Technology is a fabless chip designer focused on wired networking, where it holds the second-highest market share — a segment investors often tie to data-center buildouts and networking demand. The stock has a Buy consensus rating, and the stock is trading below the 180-day average analyst price forecast; in August, Susquehanna and Rosenblatt raised their price forecasts.
Marvell Technology has surged in 2026, up 168.9% year-to-date and trading 64.8% above the 200-day moving average — the most extended above its 200-day moving average in this group. The shares sit about 27% below the 52-week high of $329.88.
4. Affirm Holdings, Inc. | Mkt Cap: $26B | Implied Move: 9.67%
Affirm Holdings, Inc. (NASDAQ:AFRM) reports fourth quarter of 2026 results after the closing bell. Analysts expect 72 cents in earnings per share on $1.11 billion in revenue, up from 20 cents on $876.42 million in the prior-year period.
According to Benzinga Pro, the options market is pricing in a 9.67% move, with about $2.52 billion of market value at stake. That implied range highlights how sensitive the buy now, pay later trade can be to growth, credit performance and forward outlook.
Affirm Holdings is a market leader in buy now, pay later, with around $36 billion in transaction volume in fiscal 2025. The stock carries a Buy consensus rating, and the share price sits below the 180-day average analyst price forecast; in August, Oppenheimer and BMO Capital raised their price forecasts.
Affirm Holdings has rallied in 2026, up 5.3% year-to-date, trading 17.0% above the 200-day moving average since the 50-day moving average crossed above the 200-day in June. The shares sit about 22% below the 52-week high of $100.00.
3. IREN Limited | Mkt Cap: $15B | Implied Move: 10.87%
IREN Limited (NASDAQ:IREN) reports fourth quarter of 2026 results after the closing bell. The consensus view is for a 55 cent per share loss on $140.38 million in revenue, compared with 66 cents in earnings per share on $187.30 million a year ago.
Benzinga Pro data show options are pricing in a 10.87% move, with about $1.62 billion of market value at stake. That higher implied swing fits a name tied to crypto and AI infrastructure themes, where quarterly results can quickly reshape expectations.
IREN owns renewable-powered data centers in Canada and the U.S. that serve bitcoin mining and AI cloud infrastructure. The stock carries a Buy consensus rating, and the 180-day average analyst price forecast sits well above where the stock trades; in July, HC Wainwright & Co. raised its price forecast and Canaccord Genuity reiterated its Buy rating.
IREN has pulled back in 2026, down 1.1% year-to-date, and it’s trading 9.7% below the 200-day moving average after the 50-day moving average crossed below the 200-day in August. The shares sit about 46% below the 52-week high of $76.87.
2. The Gap, Inc. | Mkt Cap: $7.2B | Implied Move: 10.97%
The Gap, Inc. (NYSE:GAP) reports second quarter of 2026 results after the closing bell. Wall Street is looking for 52 cents in earnings per share on $3.79 billion in revenue, compared with 57 cents on $3.73 billion a year ago.
Benzinga Pro shows the options market implying a 10.97% move, with about $790 million of market value at stake. For a $7.2 billion retailer, that’s a meaningful implied range — and it’s one of the larger percentage moves on this Benzinga-selected list.
Gap sells apparel and accessories across Gap, Old Navy, Banana Republic and Athleta, with Old Navy generating more than half of sales. The stock carries a Hold consensus rating, and shares trade well below the 180-day average analyst price forecast; in August, Goldman Sachs and TD Cowen cut their price forecasts, while Jefferies downgraded the stock to Hold and cut its price forecast.
Gap has pulled back in 2026, down 20.0% year-to-date, and it’s trading 16.7% below the 200-day moving average after the 50-day moving average crossed below the 200-day in May. The shares sit about 32% below the 52-week high of $29.36.
1. Hyperliquid Strategies Inc. | Mkt Cap: $2.4B | Implied Move: 15.98%
Hyperliquid Strategies Inc. (NASDAQ:PURR) reports fourth quarter of 2026 results before the opening bell. Consensus estimates call for 78 cents in earnings per share on $3.57 million in revenue.
Benzinga Pro data show the widest implied move on this list: 15.98%, with about $377 million of market value at stake. For a $2.36 billion company, that’s a large options-implied range that signals traders are bracing for a sharp reaction to the print.
Hyperliquid Strategies is a digital asset treasury company focused on maximizing shareholder value by accumulating HYPE, the native token of Hyperliquid, a blockchain built to "house all of finance." The stock carries a Buy consensus rating, and the stock is trading below the 180-day average analyst price forecast.
Hyperliquid Strategies has been the group’s YTD leader, up 245.1% in 2026, and the stock is within 2.7% of the 52-week high of $12.10.
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