Since earnings season started on Oct. 8, the S&P 500 has screamed higher, rallying 4 percent despite relatively modest results. Of the 177 S&P 500 companies that have already reported, 70 percent beat earnings estimates, but 59 percent missed on revenues, according to Thomson Reuters. Moves on the options market suggest that traders should brace for big moves in some widely held stocks.
Major companies reporting over the next few days include Apple, Exxon, Starbucks, Amgen, Twitter, Ford, GoPro, Alibaba and Buffalo Wild Wings. The options market is implying huge moves for many of these names.
Starbucks, which hit an all-time high on Monday, is expected to move nearly 4 percent in either direction after its earnings report on Thursday. Buffalo Wild Wings is expected to see an 8 percent spike or decline following its report on Wednesday after the bell. Exxon and Chevron — both reporting Friday — are projected to move around 2.5 percent.