Earnings are set to hit the tape in a tight window on Wednesday, before the opening bell, and the options market is already putting numbers on just how much volatility traders are willing to pay for. For retail investors, implied moves can be a quick read on where the market expects the biggest post-print repricing risk to show up, according to Benzinga Pro.
This is a Benzinga-selected watchlist with a clear financials tilt, plus a key semiconductor name. The marquee name on the list is ASML Holding NV (NASDAQ:ASML).
7. PNC Financial Services Group | Mkt Cap: $102B | Implied Move: 3.34%
PNC Financial Services Group (NYSE:PNC) reports second quarter of 2026 results, with Wall Street looking for $4.43 in earnings per share on $6.40 billion in revenue. That would top last year’s $3.85 per share on $5.66 billion, keeping the focus on whether the bank can extend momentum as investors parse credit trends and net interest income across the regional-bank landscape.
Benzinga Pro data show options are pricing in a 3.34% move around the print. On a $102 billion market cap, that implies about $3.4 billion of market value at stake — a meaningful swing even if it’s the narrower setup in this two-stock lineup.
PNC Financial Services Group is one of the three super-regional banks in the US, with over $600 billion in total assets at the end of March 2026, and it runs a coast-to-coast branch network with a strong Midwest and Northeast footprint. The stock carries a Buy consensus rating, and the stock is trading below the 180-day average analyst price forecast; in July, UBS, Evercore ISI Group and JP Morgan raised their price forecasts, as summarized by Benzinga Pro.
Shares have rallied in 2026, up 19.6% year-to-date and trading 18.9% above the 200-day moving average. The stock is within 1.2% of the 52-week high of $256.
6. Johnson & Johnson | Mkt Cap: $620B | Implied Move: 3.41%
Johnson & Johnson (NYSE:JNJ) reports second quarter of 2026 results, and expectations call for $2.85 in earnings per share on $25.05 billion in revenue. That compares with $2.77 per share on $23.74 billion a year ago, putting the spotlight on whether growth in innovative medicine and medtech can keep compounding after the company’s consumer-business divestment.
According to Benzinga Pro, the options market is implying a 3.41% move. With Johnson & Johnson valued at $620 billion, that translates to roughly $21.1 billion of market value at stake — the largest implied swing in this Benzinga-selected set.
Johnson & Johnson is the world’s largest and most diverse healthcare firm, now centered on innovative medicine and medtech. The stock carries a Buy consensus rating, and the share price is roughly in line with the 180-day average analyst price forecast; in July, TD Cowen, RBC Capital and B of A Securities raised their price forecasts, per Benzinga Pro.
The shares have rallied in 2026, up 24.3% year-to-date and trading 16.3% above the 200-day moving average. Johnson & Johnson also sits about 66% above the 52-week low of $154.80.
5. Progressive | Mkt Cap: $135B | Implied Move: 3.89%
Progressive Corp. (NYSE:PGR) reports second quarter of 2026 results, with Wall Street looking for $4.59 in earnings per share on $21.62 billion in revenue. That compares with $4.88 in EPS on $20.31 billion in revenue in the prior year period, setting up a quarter where investors may focus on underwriting trends and growth across personal and commercial auto.
Benzinga Pro data show options are pricing in a 3.89% move around the print. With Progressive valued at $135 billion, that implies about $5.26 billion of market value at stake — the smallest implied swing in this five-stock lineup, but still meaningful for a mega-cap insurer.
Progressive underwrites private and commercial auto insurance and specialty lines, and it has almost 27 million personal auto policies in force. On the Street, the stock carries a Hold consensus rating, and the stock is trading near the 180-day average analyst price forecast; recent notes have been mixed, including a July downgrade to Neutral from JP Morgan alongside July price-forecast raises from Evercore ISI Group and Mizuho, per Benzinga Pro.
Heading into the report, the shares have rallied in 2026, up 10.5% year-to-date and trading 9.1% above the 200-day moving average, which helps explain why the options market is pricing a relatively contained move versus the rest of this list.
4. Bank of New York Mellon | Mkt Cap: $104B | Implied Move: 4.14%
Bank of New York Mellon Corp. (NYSE:BNY) reports second quarter of 2026 results, and expectations call for $2.20 in earnings per share on $5.38 billion in revenue. A year ago, the company posted $1.94 in EPS on $5.03 billion in revenue, putting the focus on how the asset-servicing giant is converting market levels and client activity into fee growth.
Options are pricing in a 4.14% move, according to Benzinga Pro. For a $104 billion company, that translates to roughly $4.3 billion of market value at stake, even with a volatility reading that sits in the middle of this Benzinga-selected group.
Bank of New York Mellon is a global investment company that manages and services financial assets across the investment lifecycle. The stock carries a Hold consensus rating, and the share price sits below the 180-day average analyst price forecast; in recent weeks, JP Morgan, Wells Fargo and Citigroup have all raised their price forecast while reiterating ratings, Benzinga Pro data show.
3. BlackRock | Mkt Cap: $160B | Implied Move: 4.29%
BlackRock, Inc. (NYSE:BLK) reports second quarter of 2026 results, with consensus calling for $12.55 in earnings per share on $6.68 billion in revenue. That’s up from $12.05 in EPS on $5.42 billion in revenue in the prior year period, keeping attention on flows, fee rates and market-driven AUM dynamics.
Benzinga Pro shows the options market is implying a 4.29% move. With Blackrock at a $160 billion market cap, that’s about $6.87 billion of market value at stake — a larger dollar swing than the two names above even though the implied percentage move is only modestly higher.
BlackRock is the world’s largest asset manager, ending December 2025 with $14.041 trillion in assets under management. The stock carries a Buy consensus rating, and the 180-day average analyst price forecast is above where the stock trades; in July, Evercore ISI Group, Keefe, Bruyette & Woods and Barclays raised their price forecasts, according to Benzinga Pro.
The shares have drifted lower in 2026, down 4.9% year-to-date and trading 2.6% below the 200-day moving average. BlackRock also sits about 15% below the 52-week high of $1219.94, after a choppier stretch into this earnings catalyst.
Before the report, debate around stewardship and corporate influence has resurfaced in the broader conversation, with Carl Icahn told Larry Fink his firm’s scale could shield underperforming leadership.
2. Morgan Stanley | Mkt Cap: $350B | Implied Move: 4.44%
Morgan Stanley (NYSE:MS) reports second quarter of 2026 results, and the bar is set at $2.81 in earnings per share on $19.28 billion in revenue. That compares with $2.13 in EPS on $16.79 billion in revenue a year ago, putting the spotlight on how trading, investment banking and wealth management are balancing out in the quarter.
According to Benzinga Pro, options are pricing in a 4.44% move. On a $350 billion market cap, that implies about $15.5 billion of market value at stake — the biggest dollar swing on this list even though it’s not the largest implied percentage move.
Morgan Stanley is a global financial services firm with offices in 42 countries and more than 82,000 employees as of year-end 2025. The stock carries a Buy consensus rating, and shares trade close to the 180-day average analyst price forecast; in July, B of A Securities, UBS and Evercore ISI Group raised their price forecast, Benzinga Pro data show.
The stock has climbed into the event, up 21.5% year-to-date and trading 23.0% above the 200-day moving average. Morgan Stanley also sits about 64% above the 52-week low of $135.26, reflecting a strong run that can leave investors keyed in on any change in momentum.
Macro commentary has been part of the backdrop, including Morgan Stanley’s view that an AI productivity boom could keep interest rates higher than post-2008 norms.
1. ASML | Mkt Cap: $683B | Implied Move: 7.55%
ASML reports second quarter of 2026 results, with consensus estimates calling for $7.98 in earnings per share on $10.28 billion in revenue. That stacks up against $6.69 in EPS on $8.72 billion in revenue in the prior year period, keeping the focus on semiconductor capital spending and the cadence of advanced lithography demand.
Benzinga Pro data show options are pricing in a 7.55% move, the widest implied move in this five-stock countdown. With ASML Holding NV valued at $683 billion, that implies roughly $51.5 billion of market value at stake — a large volatility bet for a single earnings print.
ASML Holding NV is the leader in lithography systems used to manufacture semiconductors, with 90% market share. The stock carries a Strong_buy consensus rating, and the stock is trading below the 180-day average analyst price forecast; recent updates include price-forecast raises from Bernstein in July and from B of A Securities and Wells Fargo in June, according to Benzinga Pro.
Shares have rallied in 2026, up 48.3% year-to-date and trading 31.2% above the 200-day moving average. The stock is also about 157% above the 52-week low of $683.48, a strong run that sets a high-volatility backdrop into the report.
Image via Shutterstock
Recent Comments