Options-market pricing compiled by Bloomberg places the expected stock move for NetApp Inc. at roughly 9.7% when the company issues its next earnings update. NetApp has set its report for Sept. 2, to be released after the market close.
That implied move reflects the level of volatility traders are buying through options ahead of the announcement. Looking back at the company’s most recent earnings cycles, the stock has surpassed the options-implied move in three out of eight reports, indicating occasional episodes of outsized post-announcement volatility relative to what options traders had priced in.
Notable prior deviations include a sharp gain on May 28 when the shares advanced 46.5% versus an implied move of 9.4%. On Feb. 27, 2025, the stock dropped 19.9% while the options market had suggested a 5.9% move. Another instance occurred on Aug. 28, 2024, when shares fell 9.3% against an implied 7.2% swing.
In the remaining five earnings reports within that eight-quarter window, the stock’s actual price changes were either inside or smaller than the options-implied ranges. Among those episodes, the May 28 announcement produced the biggest gap between the implied move and the actual price reaction.
Investors and market participants often watch options-implied moves as one gauge of expected volatility into earnings. In NetApp’s case, the 9.7% figure represents the collective assessment embedded in options prices for directional movement around the Sept. 2 release.
What to watch
- Timing: NetApp will disclose results after markets close on Sept. 2.
- Options-implied move: Market pricing indicates a potential 9.7% share movement around the announcement.
- Historical volatility: Three of the last eight earnings events produced actual moves larger than the options-implied expectations.