PepsiCo Could Swing $6.46 Billion In Value After Earnings

Earnings season keeps the tape jumpy from next week and a handful of widely followed names are setting up for potentially sharp post-print moves as traders handicap not just the quarter, but the guidance that comes with it, according to Benzinga Pro. This is a Benzinga-selected watchlist spanning beverages, airlines, data centers and cannabis. The marquee name on this list is PepsiCo, but the largest implied move is saved for the final section as the countdown runs from the calmest setup to the most volatile. 5. PepsiCo | Mkt Cap: $172B | Implied Move: 3.76% PepsiCo, Inc. (NASDAQ:PEP) reports third quarter of 2026 results Thursday before the opening bell. Wall Street is looking for $2.30 in earnings per share on $25 billion in revenue, compared with $2.29 on $23.94 billion a year ago. Benzinga Pro data show options are pricing in a 3.76% move around the report. Even with the smallest implied swing in this group, that still translates to $6.46 billion of market value at stake given PepsiCo’s $172 billion market cap. PepsiCo’s quarter is a read-through on global snack-and-beverage demand across brands like Pepsi, Mountain Dew, Gatorade, Lay’s, Cheetos and Doritos. The stock carries a Hold consensus rating, and the stock is trading below the 180-day average analyst price forecast; in recent updates, Barclays and Evercore ISI Group cut their price forecast, and JP Morgan downgraded the stock to Neutral while also cutting its forecast, per Benzinga Pro. PepsiCo shares have pulled back in 2026, down 11.7% year-to-date and trading 14.6% below the 200-day moving average after the 50-day moving average crossed below the 200-day in June. The stock is within 0.2% of the 52-week low of $125.53. Read Also: Trump Reportedly Says Government 'Might' Take a Stake in OpenAI, Anthropic, Just Like It Did With Intel: 'I Have Many Deals Like That' 4. Constellation Brands | Mkt Cap: $19B | Implied Move: 5.41% Constellation Brands, Inc. (NYSE:STZ) reports second quarter of 2027 results Tuesday after the closing bell. Consensus estimates call for $3.57 in earnings per share on $2.54 billion in revenue, versus $3.63 on $2.48 billion in the prior-year period. Options traders are implying a 5.41% move, according to Benzinga Pro, putting about $1.05 billion of market value in play for Constellation Brands’ $19.4 billion market cap. Constellation Brands is a major U.S. alcoholic-beverage player across beer, wine and spirits, with more than 90% of revenue tied to Mexican beer imports led by Modelo and Corona. The stock has a Buy consensus rating, and the share price sits well below the 180-day average analyst price forecast; in September, JP Morgan, UBS and Citigroup all cut their price forecasts, Benzinga Pro data show. Constellation Brands has pulled back in 2026, down 20.0% year-to-date and trading 21.5% below the 200-day moving average after the 50-day moving average crossed below the 200-day in July. The stock is within 0.9% of the 52-week low of $111.54. 3. Delta Air Lines | Mkt Cap: $56B | Implied Move: 7.38% Delta Air Lines, Inc. (NYSE:DAL) reports third quarter of 2026 results Friday before the opening bell. The Street is modeling $2.03 in earnings per share on $17.59 billion in revenue, up from $1.71 on $16.67 billion a year earlier. Benzinga Pro data show the options market is pricing in a 7.38% move, with roughly $4.15 billion of market value at stake based on Delta Air Lines’ $56.2 billion market cap. Delta Air Lines is one of the world’s largest airlines, flying a network of more than 300 destinations across 50-plus countries, so investors tend to treat its quarter as a pulse check on pricing, demand and the broader travel backdrop. The stock carries a Buy consensus rating, and the 180-day average analyst price forecast is above where the stock trades; in September, UBS and Rothschild & Co raised their price forecasts while BMO Capital reiterated Outperform but trimmed its forecast, according to Benzinga Pro. Delta Air Lines has rallied in 2026, up 21.8% year-to-date and trading 12.7% above the 200-day moving average. The shares sit about 55% above the 52-week low of $55.03. 2. Applied Digital | Mkt Cap: $7.4B | Implied Move: 11.51% Applied Digital Corp. (NASDAQ:APLD) reports first quarter of 2027 results Wednesday after the closing bell. Analysts expect a 30 cent per share loss on $134.86 million in revenue, compared with a 3 cent per share loss on $64.22 million in the year-ago quarter. According to Benzinga Pro, options are pricing in an 11.51% move around earnings — a double-digit setup that implies about $849 million of market value at stake for a company with a $7.37 billion market cap. Applied Digital designs, develops and operates purpose-built data centers geared toward high-performance computing workloads, including AI and machine learning — a business model where utilization and build-out cadence can quickly swing sentiment. The stock has a Buy consensus rating, and shares trade well below the 180-day average analyst price forecast; September brought a cluster of new coverage initiations, with UBS starting at Buy, Wells Fargo initiating at Overweight, and Rothschild & Co beginning at Neutral, Benzinga Pro data show. Applied Digital has pulled back in 2026, down 14.1% year-to-date and trading 23.2% below the 200-day moving average after the 50-day moving average crossed below the 200-day in August. The shares sit about 51% below the 52-week high of $50.73. 1. Tilray Brands | Mkt Cap: $531M | Implied Move: 12.24% Tilray Brands, Inc. (NASDAQ:TLRY) reports first quarter of 2027 results Thursday before the opening bell. Wall Street is bracing for a 19 cent per share loss on $268.55 million in revenue. Benzinga Pro data show options are implying a 12.24% move — the widest on this Benzinga-selected list — with about $64.9 million of market value at stake given Tilray Brands’ $531 million market cap. Tilray Brands positions itself at the intersection of cannabis, beverage, wellness and entertainment, and the earnings print can hinge on how investors weigh growth versus losses in a still-evolving category. The stock carries a Buy consensus rating, and the stock is trading well below the 180-day average analyst price forecast; TD Cowen reiterated a Buy rating in July while cutting its price forecast, according to Benzinga Pro. Tilray Brands has pulled back in 2026, down 63.3% year-to-date and trading 42.2% below the 200-day moving average. The stock is within 1.4% of the 52-week low of $3.54 Read Also: Scott Bessent Says Iran Transported 'Zero' Oil Onto Tankers Last Month — Trump’s Sanctions Are Targeting Tehran’s ‘Most Critical’ Revenue Stream Image via Shutterstock