As earnings season approaches, some big names could be unusually active.
Screening for mega-cap names with high implied earnings moves versus average moves, Goldman Sachs' options research team found that JPMorgan, 3M and Intel are expected to move much more than history might indicate.
Implied moves on earnings are determined by looking at options prices to see how much traders are willing to pay (or receive) for exposure to potential moves, up and down, around earnings.
Goldman's team then compared those implied moves to actual historical moves to see where an especially large move is being priced into the options.
Among mega-cap equities, JPMorgan is the standout, with options traders expecting a move 5.9 times greater than its average move over the last eight quarters. But that's not because traders are expecting the stock to be rocked; it's just because the median move over the last eight quarters rounds to 0 percent, compared to the implied move this quarter of 3 percent.
It's a similar story for 3M, which has an implied move of 3 percent, compared with an average move of 1 percent.
The story is a bit more interesting for Intel, which has an implied move of 7 percent, compared with a median move of 2 percent.
It's been a tough year for Intel, which reports earnings on Tuesday. The stock is down 14 percent in 2015, and was hit hard in March when it cut its revenue guidance for the first quarter. The actual numbers, then, are expected to move the stock big-time.