Walmart Earnings Could Trigger $41.4 Billion Market Cap Swing

Thursday's earnings season focus covers major retail, discount apparel, industrial machinery, transportation, and niche technology sectors. Since guidance often matters as much as headline numbers, options pricing can reflect in real time the magnitude of moves traders expect.

The heavyweight on this list is Walmart, but the largest implied moves are saved for the final section, ranked from the calmest setup to the most volatile.

8. Walmart Inc. | Market Cap: $920 Billion | Implied Move: 4.50%

Walmart Inc. reports fiscal Q2 2027 earnings before the open. Wall Street expects EPS of 74 cents on revenue of $186.68 billion, versus 68 cents and $177.4 billion in the year-ago period. Options market data shows an implied move of 4.50%, the narrowest on this curated list. Even with a smaller move, Walmart's scale makes the risk significant, with $41.4 billion in market cap at risk.

Walmart remains the world's largest retailer, with over 10,700 stores globally, while deepening its e-commerce operations. The stock carries a consensus Buy rating, with shares trading below the 180-day average analyst price target; in August, DA Davidson reiterated a Buy rating and Guggenheim reiterated a Buy rating while cutting its price target.

The stock is up 2.2% in 2026, positive year-to-date, but trades 2.4% below its 200-day moving average after the 50-day moving average crossed below the 200-day in July.

7. Deere & Company | Market Cap: $159 Billion | Implied Move: 5.64%

Deere & Company reports fiscal Q3 2026 earnings before the open. Consensus expects EPS of $4.73 on revenue of $10.74 billion, versus $4.75 and $12.02 billion in the prior-year period. Options data indicates a post-earnings move of 5.64%. With a market cap of $159 billion, roughly $8.96 billion in market cap is at risk around the report.

Deere is a leading global manufacturer of agricultural equipment and a major producer of construction machinery, with investors focused on end-market demand and how management frames the coming cycle. The stock carries a consensus Buy rating, with shares below the 180-day average analyst price target; in August, JPMorgan and Evercore ISI Group reiterated ratings while cutting price targets.

The stock is up 26.1% in 2026, strongly positive year-to-date, trading 5.8% above its 200-day moving average. Deere sits about 36% above its 52-week low of $433.00.

6. Ross Stores Inc. | Market Cap: $78 Billion | Implied Move: 6.94%

Ross Stores Inc. reports fiscal Q2 2026 earnings after the close. Wall Street expects EPS of $1.82 on revenue of $5.98 billion, versus $1.56 and $5.53 billion in the year-ago period. Options data shows an implied move of 6.94%, putting roughly $5.4 billion in market cap at risk. For a discount retailer, this implied move highlights market sensitivity to traffic trends and margin commentary.

Ross Stores operates a U.S.-focused off-price model with over 2,100 stores, primarily under the Ross Dress for Less banner, plus a smaller dd's Discounts footprint. The stock carries a consensus Buy rating, with the 180-day average analyst price target above the current share price; in August, Evercore ISI Group and Telsey Advisory Group reiterated Outperform ratings with raised price targets, while Wells Fargo downgraded the stock to Equal Weight in June.

The stock is up 29.4% in 2026, strongly positive year-to-date, trading 13.8% above its 200-day moving average. Ross Stores sits about 65% above its 52-week low of $143.39.

5. Navios Maritime Partners LP | Market Cap: $2.4 Billion | Implied Move: 7.19%

Navios Maritime Partners LP reports fiscal Q2 2026 earnings before the open. Analysts expect EPS of $4.32 on revenue of $365.44 million, versus $2.15 and $327.56 million in the prior-year period. Options market implied move is 7.19%, with roughly $170 million in market cap at risk. For a mid-cap shipping company, this is a meaningful volatility reading.

Navios Maritime Partners owns and operates dry bulk and tanker vessels, typically chartered under short, medium, and long-term arrangements. The stock carries a consensus Buy rating, with shares trading near the 180-day average analyst price target.

The stock is among the strongest in this group: up 61.0% year-to-date, trading 26.7% above its 200-day moving average, putting Navios Maritime Partners just 0.7% from its 52-week high of $83.49.

4. OSI Systems Inc. | Market Cap: $3.6 Billion | Implied Move: 8.43%

OSI Systems Inc. reports fiscal Q4 2026 earnings after the close. Consensus expects EPS of $3.77 on revenue of $529.41 million, versus $3.24 and $504.99 million in the year-ago period. Options data shows an implied move of 8.43%, with roughly $304 million in market cap at risk. This implied move suggests traders see greater room for repricing based on management's commentary on end-market demand.

OSI Systems designs and manufactures electronic systems and components for homeland security, medical, defense, and aerospace applications. The stock carries a consensus Buy rating, but shares trade well below the 180-day average analyst price target; BofA Securities and Citigroup reiterated Buy ratings while cutting price targets.

The stock is down 14.4% in 2026, weak year-to-date, trading 14.3% below its 200-day moving average after the 50-day crossed below the 200-day in June. OSI Systems sits about 30% below its 52-week high of $311.72.

3. Flowers Foods Inc. | Market Cap: $1.6 Billion | Implied Move: 8.72%

Flowers Foods Inc. reports fiscal Q2 2026 earnings after the close. Wall Street expects EPS of 22 cents on revenue of $1.23 billion, versus 30 cents and $1.24 billion in the year-ago period. Options implied move is 8.72%, with roughly $136 million in market cap at risk. For a packaged food company, this is a sizable move, with investors typically focused on pricing, volume, and margin cadence.

Flowers Foods produces and sells packaged bakery foods in the U.S., including bread, rolls, buns, snacks, bagels, English muffins, tortillas, and baking mixes. The stock carries a consensus Hold rating, with shares below the 180-day average analyst price target; in May, Stephens Inc. reiterated an Equal Weight rating and cut its price target.

Flowers Foods has underperformed in 2026, down 31.6%, weak year-to-date, trading 20.5% below its 200-day moving average. The stock sits about 54% below its 52-week high of $16.07.

2. ScanSource Inc. | Market Cap: $1.1 Billion | Implied Move: 12.84%

ScanSource Inc. reports fiscal Q4 2026 earnings before the open. Wall Street expects EPS of $1.13 on revenue of $797.74 million, versus $1.02 and $812.89 million in the year-ago period. Options market data shows an implied move of 12.84%, with roughly $136 million in market cap at risk. This elevated implied move indicates traders expect a larger reaction to company guidance than to single-quarter headline numbers.

ScanSource provides value-added services to technology manufacturers, selling to resellers in specialized technology markets, operating across specialized technology solutions and Intelisys consulting segments. The stock carries a consensus Buy rating, although the 180-day average analyst price target sits well below the current share price.

The stock is up 33.9% in 2026, strongly positive year-to-date, trading 21.0% above its 200-day moving average since the 50-day crossed above the 200-day in June. ScanSource sits about 55% above its 52-week low of $33.76.

1. Advance Auto Parts Inc. | Market Cap: $3.5 Billion | Implied Move: 12.98%

Advance Auto Parts Inc. reports fiscal Q2 2026 earnings before the open. Consensus expects EPS of 81 cents on revenue of $2.04 billion, versus 69 cents and $2.01 billion in the year-ago period. Options pricing shows an implied move of 12.98%—the widest on this curated list—with roughly $448 million in market cap at risk. This sets up a highly tense earnings report for a retailer, where investors may quickly reassess the company based on execution and guidance commentary.

Advance Auto Parts is a major North American auto parts retailer with over 4,000 stores and branches, with roughly half of sales from the professional channel and the rest from DIY customers. The stock carries a consensus Hold rating, with shares below the 180-day average analyst price target; in August, Citigroup and Evercore ISI Group reiterated ratings with lower price targets, while RBC Capital reiterated a Sector Perform rating with a raised price target.

Advance Auto Parts is up 46.5% in 2026, strongly positive year-to-date, trading 8.7% above its 200-day moving average. The stock sits about 51% above its 52-week low of $37.89.