AES, Ares, Berkshire, Chevron, Exxon, Linde: Earnings-Day Vol

Traders are preparing for bigger swings than usual in shares of companies including LyondellBasell and Exxon after their earnings, while they’re expecting smaller moves in AES and Berkshire Hathaway. Here’s a list of S&P 500 members reporting in the coming days for which the options market is over- or underpricing volatility relative to fluctuations on sessions following past results:

Here’s how the implied earnings-day moves of these companies fared in past earnings:

• Overpriced: AES (5/8), Ares Management (6/8), Chevron (5/8), Colgate-Palmolive (5/8), Dominion Energy (6/8), Exxon (7/8), Linde (6/8), LyondellBasell (6/8)
• Underpriced: Berkshire Hathaway (5/8)

Upcoming earnings:

• May 1: ...