Earnings are set to hit the tape on Wednesday, before the opening bell, and options traders aren’t waiting around for the headlines — they’re already putting numbers on how far these stocks could swing once results and guidance land, according to Benzinga Pro.
This is a Benzinga-selected watchlist with a heavy financial tilt plus a marquee semiconductor name in ASML — but the biggest implied move is saved for the final section as the countdown runs from the calmest setup to the most volatile.
7. Bank of America | Mkt Cap: $383B | Implied Move: 3.35%
Bank of America Corp. (NYSE:BAC) reports third quarter of 2026 results. Wall Street is looking for $1.11 in earnings per share on revenue of $30.69 billion, compared with $1.06 per share and $28.24 billion in the prior-year quarter.
Options are pricing in a 3.35% move, according to Benzinga Pro. Even with the smallest implied swing on this list, that still translates to $12.8 billion of market value at stake given Bank of America’s $383 billion market cap.
Bank of America remains a cornerstone U.S. banking franchise, with a $3.5 trillion balance sheet and the second-largest deposit market share in the country — which keeps the focus on core lending trends, credit quality and any read-through on consumer and corporate activity. The stock carries a Buy consensus rating, and the stock is trading below the 180-day average analyst price forecast; in October, TD Cowen maintained a Hold rating, while UBS reiterated its Buy rating and cut its price forecast.
The stock has pulled back in 2026, down 2.4% year-to-date and trading 0.7% below the 200-day moving average. The shares sit about 16% below the 52-week high of $65.22.
6. Progressive | Mkt Cap: $128B | Implied Move: 3.60%
Progressive Corp. (NYSE:PGR) reports third quarter 2026 results. Consensus estimates call for $4.30 in earnings per share on revenue of $22.50 billion, up from $4.06 per share and $20.85 billion a year ago.
Benzinga Pro data show the options market is implying a 3.60% move. With Progressive valued at $128 billion, that’s about $4.6 billion of market cap in play around the print.
Progressive is one of the largest U.S. auto insurers, underwriting private and commercial auto coverage along with specialty lines — and with almost 27 million personal auto policies in force, investors tend to key in on underwriting profitability and pricing discipline. The stock carries a Hold consensus rating and the share price sits below the 180-day average analyst price forecast; in October, Barclays reiterated its Overweight rating and raised its price forecast, while JPMorgan reiterated its Neutral rating and raised its price forecast.
Shares have rallied in 2026, up 3.8% year-to-date, trading 5.5% above the 200-day moving average since the 50-day moving average crossed above the 200-day in August.
5. Morgan Stanley | Mkt Cap: $298B | Implied Move: 3.85%
Morgan Stanley (NYSE:MS) reports third quarter of 2026 results. The Street is modeling $2.91 in earnings per share on revenue of $19.95 billion, versus $2.80 and $18.20 billion in the year-ago period.
According to Benzinga Pro, options are pricing in a 3.85% move. On Morgan Stanley’s $298 billion market cap, that implies roughly $11.5 billion of value at stake as investors handicap trading, investment banking and wealth-management momentum.
Morgan Stanley is a global financial services firm with offices in 42 countries and more than 82,000 employees as of year-end 2025, so the quarter can hinge on market activity and client risk appetite as much as it does on expense control. The stock carries a Buy consensus rating, and the 180-day average analyst price forecast is above where the stock trades; in October, TD Cowen initiated coverage with a Hold rating, while UBS reiterated its Buy rating and cut its price forecast.
Shares have rallied in 2026, up 4.5% year-to-date and trading 0.1% below the 200-day moving average. The shares sit about 16% below the 52-week high of $232.25.
4. State Street | Mkt Cap: $48B | Implied Move: 4.42%
State Street Corp. (NYSE:STT) reports third quarter of 2026 results. Analysts expect $3.67 in earnings per share on revenue of $4.03 billion, compared with $2.78 per share and $3.54 billion in the prior-year quarter.
Options imply a 4.42% move, per Benzinga Pro. For a company with a $48.1 billion market cap, that’s about $2.12 billion of market value in play — a meaningful swing for a custody-and-asset-servicing name where fee trends and market levels can quickly show up in results.
State Street provides investment servicing, investment management, plus investment research and trading — a mix that can make quarterly results sensitive to asset values and client activity. The stock carries a Buy consensus rating and shares trade below the 180-day average analyst price forecast; in October, TD Cowen maintained a Buy rating, while BMO Capital reiterated its Outperform rating and cut its price forecast.
Shares have rallied in 2026, up 35.5% year-to-date and trading 11.9% above the 200-day moving average. The shares sit about 67% above the 52-week low of $104.64.
3. BlackRock | Mkt Cap: $168B | Implied Move: 4.43%
BlackRock, Inc. (NYSE:BLK) reports third quarter of 2026 results. Consensus calls for $14.12 in earnings per share on revenue of $7.52 billion, up from $11.55 and $6.51 billion in the year-ago quarter.
Benzinga Pro shows options are pricing in a 4.43% move. With Blackrock at a $168 billion market cap, that puts about $7.43 billion of market value at stake as investors look for signals on flows, fees and market-driven AUM tailwinds.
BlackRock is the world’s largest asset manager, with $15.345 trillion in assets under management at the end of June 2026, so the quarter’s narrative often comes down to whether client demand is broadening across products and regions. The stock carries a Buy consensus rating and the stock is trading below the 180-day average analyst price forecast; in October, TD Cowen reiterated its Hold rating and raised its price forecast, while Evercore ISI Group reiterated its Outperform rating and cut its price forecast.
Shares have traded largely flat in 2026, down 0.1% year-to-date, trading 2.2% above the 200-day moving average since the 50-day moving average crossed above the 200-day in August.
2. ASML | Mkt Cap: $679B | Implied Move: 5.12%
ASML Holding NV (NASDAQ:ASML) reports third quarter of 2026 results. Wall Street’s consensus is $12.47 in earnings per share on revenue of $13.18 billion, compared with $6.42 per share and $8.79 billion a year ago.
According to Benzinga Pro, the options market is implying a 5.12% move. With ASML Holding NV valued at $679 billion, that’s $34.8 billion of market cap at stake — the largest dollar figure on this list, reflecting how central the company is to the semiconductor equipment cycle.
ASML Holding NV dominates lithography systems used to manufacture semiconductors, with roughly 90% market share, which keeps investors focused on demand visibility and the cadence of advanced-node buildouts. The stock carries a Buy consensus rating, and the share price sits well below the 180-day average analyst price forecast — setting up earnings as a key checkpoint for expectations.
Shares have rallied in 2026, up 50.4% year-to-date and trading 10.8% above the 200-day moving average. The shares sit about 85% above the 52-week low of $935.41.
1. Fastenal | Mkt Cap: $59B | Implied Move: 5.61%
Fastenal Co (NASDAQ:FAST) reports third quarter of 2026 results. The Street is looking for 34 cents in earnings per share on revenue of $2.44 billion, up from 29 cents and $2.13 billion in the prior-year quarter.
Benzinga Pro data show options are pricing in a 5.61% move — the widest implied move in this Benzinga-selected lineup. On Fastenal’s $59.1 billion market cap, that’s about $3.32 billion of market value at stake as investors weigh industrial demand signals.
Fastenal started as an industrial retailer and evolved into a distributor, expanding beyond nuts and bolts into cutting tools, safety equipment and janitorial supplies while building a dense branch network near customers. The stock carries a Hold consensus rating, and the 180-day average analyst price forecast is close to where the stock trades; in September, Wolfe Research maintained a Underperform rating.
Shares have rallied in 2026, up 27.3% year-to-date and trading 10.8% above the 200-day moving average. The stock is within 2.7% of the 52-week high of $52.91.
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