• EN

    • -+ 0.00%
    -+ 0.00%
    -+ 0.00%

    Earnings Volatility Watch: What To Expect From Sandisk and 5 Mag Seven Stocks This Week

    Benzinga·04/27/2026 13:22:01
    Listen to the news

    Five of the Magnificent Seven stocks — Alphabet Inc. (NASDAQ:GOOGL), Microsoft Corp. (NASDAQ:MSFT), Amazon.com Inc. (NASDAQ:AMZN), Meta Platforms Inc. (NASDAQ:META) and Apple Inc. (NASDAQ:AAPL) — report earnings between Tuesday and Thursday this week.

    So do energy supermajor Exxon Mobil Corp. (NYSE:XOM), pharma giant Eli Lilly & Co. (NYSE:LLY), payments duopoly Visa Inc. (NYSE:V) and Mastercard Inc. (NYSE:MA), and industrial bellwether Caterpillar Inc. (NYSE:CAT).

    These 10 companies reporting this week represent roughly $18.59 trillion in combined market capitalization, making the final week of April one of—if not the most—important of the Q1 2026 earnings season.

    Yet, the loudest signal from the options market isn’t coming from any of them.

    The Mega-Cap Stocks With The Biggest Implied Moves This Week

    According to Benzinga Pro data, options markets are pricing the largest single-stock move not on a Big Tech name, but on a $150 billion NAND maker up 317% year-to-date: Sandisk Corp. (NASDAQ:SNDK).

    The list spans cloud hyperscalers, AI infrastructure suppliers, semiconductor capital equipment, and the memory cohort that has rallied harder than any other tech sub-sector in 2026.

    Implied moves measure the size of the price swing — up or down — that the options market expects, based on at-the-money straddle pricing ahead of the earnings date. A 16.57% implied move means options traders are positioning for an equal probability of a 16.57% gain or a 16.57% loss when results land.

    Below are the 10 mega-cap stocks (market caps above $100 billion) with the largest implied post-earnings moves this week, ranked from smallest to largest, followed by the five Magnificent Seven names.

    10) Booking Holdings Inc. | Mkt Cap: $140.27B | Implied Move: 7.36%

    • Booking Holdings Inc. (NASDAQ:BKNG) reports first-quarter 2026 results on April 28 after the market close.
    • Consensus calls for earnings per share of $17.78 on revenue of $4.61 billion, translating to year-over-year EPS growth of +7.94% and a top-line gain of +15.84%.
    • The options market is pricing a 7.36% swing, putting roughly $10.3 billion of market value at stake on the print.
    • The stock has lagged the broader market, sliding 15.66% year-to-date, though April has brought a 7.03% bounce.

    9) Banco Santander SA | Mkt Cap: $174.97B | Implied Move: 7.86%

    • Banco Santander SA (NYSE:SAN) reports first-quarter 2026 results on April 29 before the market open.
    • Analysts model EPS of $0.28 on $17.93 billion in revenue, marking a +39.16% earnings surge and a more modest +4.91% revenue lift.
    • Options imply a 7.86% post-earnings move on the U.S.-listed ADR, equivalent to roughly $13.8 billion in market value.
    • Santander has eked out a 1.96% YTD gain and added 6.03% in April alone.

    8) Spotify Technology SA | Mkt Cap: $106.39B | Implied Move: 9.37%

    • Spotify Technology SA (NYSE:SPOT) opens earnings season for the cohort on April 28 before the bell.
    • The Street is looking for $3.72 in EPS and $5.36 billion in revenue — earnings nearly tripling year-over-year at +198.66%, with the top line up +16.89%.
    • Options are flagging a 9.37% post-print move, equivalent to roughly $10 billion in market cap.
    • Spotify is down 10.80% YTD, though April has clawed back 6.82% as the broader market recovered from the late-March lows.

    7) Seagate Technology Holdings PLC | Mkt Cap: $134.42B | Implied Move: 11.14%

    • Seagate Technology Holdings PLC (NASDAQ:STX) reports its fiscal third-quarter results on April 28 after the market close.
    • Estimates point to $3.50 per share on $2.95 billion in revenue — EPS climbing +84.23% versus last year and revenue up +36.93%.
    • The implied move sits at 11.14%, putting around $15 billion in market value on the line. Seagate is the third storage name in the top 10, alongside SanDisk and Western Digital.
    • Ranked seventh among the best-performing S&P 500 stocks of 2026, Seagate is up 112.88% YTD, with nearly half that return (49.65%) coming in April alone as the AI memory cycle has lifted the entire storage cohort.

    6) Amphenol Corp. | Mkt Cap: $184.21B | Implied Move: 11.21%

    • Amphenol Corp. (NYSE:APH) prints first-quarter 2026 numbers before the open on April 29.
    • The Street expects $0.94 in EPS and $7.09 billion in revenue — translating to earnings expansion of +50.28% and revenue acceleration of +47.45%.
    • An 11.21% implied move puts roughly $20.6 billion of value in play. Amphenol is one of the cleanest reads on AI infrastructure connector demand.
    • The shares have advanced 7% YTD, and are up 21% in the past four weeks.

    5) Corning Inc. | Mkt Cap: $153.10B | Implied Move: 11.28%

    • Corning Inc. (NYSE:GLW) opens the print parade on April 28 before the market opens.
    • Analysts model $0.69 in EPS on $4.26 billion in revenue, with earnings projected to climb +28.07% and revenue +17.05%.
    • Straddle pricing implies an 11.28% swing — about $17.3 billion in market value. Optical fiber and AI data-center glass have been the rally’s twin engines.
    • The eighth best-performing S&P 500 stock of 2026, Corning has more than doubled this year — up 100.88% YTD — with another 29.36% gain landing this month.

    4) Western Digital Corp. | Mkt Cap: $140.36B | Implied Move: 11.33%

    • Western Digital Corp. (NASDAQ:WDC) reports fiscal third-quarter results after the bell on April 30.
    • The consensus EPS forecast sits at $2.38 on revenue of $3.24 billion — EPS up +74.91% year-over-year, revenue up +41.21%.
    • Options markets are bracing for an 11.33% post-print swing, or roughly $15.9 billion. Western Digital reports the day after spinning off SanDisk in February 2025 — making the back-to-back prints twin reads on the same NAND cycle.
    • The third-best performer in the S&P 500 this year, Western Digital has rallied 134.52% YTD, with 49.36% of that arriving in April.

    3) KLA Corp. | Mkt Cap: $254.90B | Implied Move: 11.70%

    • KLA Corp. (NASDAQ:KLAC) drops fiscal third-quarter results on April 29 after the market close.
    • Analysts peg EPS at $9.14 and revenue at $3.37 billion, projecting modest single-digit growth: +8.84% on the bottom line, +10.15% on the top.
    • The implied 11.70% move translates to roughly $29.8 billion of market value — the largest dollar exposure on the list. KLA’s process-control tools sit at the leading edge of advanced-node fab spend.
    • KLA is up 59.46% YTD, with 31.42% of that gain landing in April.

    2) Qualcomm Inc. | Mkt Cap: $179.01B | Implied Move: 12.01%

    • Qualcomm Inc. (NASDAQ:QCOM) reports fiscal second-quarter results on April 29 after the bell.
    • Consensus expects EPS of $2.56 on $10.59 billion in revenue — but with both metrics in retreat: EPS down −10.31% and revenue off −2.36%. Qualcomm is the only mega-cap on the top 10 facing negative growth estimates.
    • A 12.01% implied move equates to roughly $21.5 billion in market-cap exposure.
    • The stock is down 12.42% YTD on smartphone-cycle concerns and Apple modem-share losses, though April has delivered a 15.58% rebound.

    1) SanDisk Corp. | Mkt Cap: $149.92B | Implied Move: 16.57%

    • SanDisk Corp. tops the list with fiscal third-quarter results due April 30 after the close.
    • The Street is modeling $14.43 in EPS on $4.68 billion in revenue — figures distorted by the company’s spin-off from Western Digital in February 2025, which produces year-over-year comparisons of roughly +4,950% on EPS and +178.28% on revenue. Management’s own guidance brackets revenue between $4.4 billion and $4.8 billion, with adjusted EPS of $12 to $14.
    • Options are pricing a 16.57% swing — translating to roughly $24.8 billion in market value at risk on a single session.
    • The single best-performing stock in the S&P 500 in 2026, SanDisk is up 317.01% YTD, with another 55.81% added in April as the AI-driven NAND cycle has tightened pricing and lifted operating leverage.
    Source: Benzinga Pro, Options data as of April 27, 2026

    What To Expect From The Magnificent Seven This Week

    Name Market Cap Reporting Date Month-to-Date Return Implied Move
    Alphabet Inc. $4.15T Apr 29 AMC +19.77% 4.97%
    Apple Inc. $3.92T Apr 30 AMC +6.30% 1.16%
    Microsoft Corp. $3.14T Apr 29 AMC +14.71% 2.30%
    Amazon.com Inc. $2.82T Apr 29 AMC +26.75% 3.25%
    Meta Platforms Inc. $1.71T Apr 29 AMC +17.99% 2.39%
    Source: Benzinga Pro, Options data as of April 27, 2026

    Five of the seven Magnificent Seven names report between Wednesday and Thursday.

    • For Microsoft Corp. consensus calls for earnings per share of about $4.04 on revenue of roughly $81.4 billion, with Azure growth expected near 38%.
    • For Alphabet Inc. the Street expects EPS near $2.83 on $107 billion in revenue, with Google Cloud growth potentially accelerating beyond 48%.
    • For Amazon.com Inc. (NASDAQ:AMZN), consensus stands near $2.11 EPS on $177.2 billion in revenue.
    • For Meta Platforms Inc. (NASDAQ:META), the bar sits at roughly $7.51 EPS on $55.5 billion in revenue.
    • Apple Inc. (NASDAQ:AAPL) reports the day after the cluster, on April 30 after the close.

    The elite group has rallied hard into the print: Amazon is up +26.75% month-to-date, Alphabet +19.77%, Meta +17.99%, Microsoft +14.71%, and Apple roughly +6.3%.

    The Roundhill Magnificent Seven ETF (NYSE:MAGS) is up 14.9% month-to-date, on pace for its best month since inception.

    The average implied move across the five Magnificent Seven names sits at just 2.7% — a reflection of a rally that might have already been priced in since the late-March low.

    Photo: Shutterstock