At a glance: 7 S&P 500 names report today — headlined by Constellation Energy, KKR and Occidental, with Ferguson, Skydance, Take-Two and NRG Energy completing the lineup (Constellation, KKR, Ferguson and NRG before the open; Occidental, Skydance and Take-Two after the close).

The tape ahead

Constellation Energy reports before the open, arriving just weeks after management raised 2026 adjusted-EPS guidance to $11.50–$12.50 from $11.00–$12.00 — full-year consensus sits in the lower half of that new range, which makes tonight less about the print itself than about whether the raise holds up. Consensus EPS of $3.89 implies growth of 28.0% YoY, with revenue consensus of $9.35B implying 42.3% YoY growth, both powered by AI and data-center demand for nuclear baseload power and higher PJM capacity prices rather than a one-off swing. Margins moved the other way in the last reported quarter — gross margin down 10.5 points to 16.4% and net margin down 7.5 points to 6.8% — a reminder that the demand story and the cost base aren't yet moving together. The 7.65% implied move runs roughly double Constellation's own 3.7% realized-move average, against a 75% beat rate and an 11.7% surprise last time out; shares have lagged the market by several points since that print, so sentiment has cooled even as the business accelerates.

KKR also reports before the open. The debate is whether fee-related earnings can hold last quarter's step-up without another record monetization quarter behind it, or whether that was a local peak. Consensus EPS of $1.58 implies growth of 12.1% YoY, with revenue consensus of $2.59B implying 7.8% YoY growth — EPS outrunning revenue, consistent with a business where fee margin matters more than headline growth. Margins split in the last reported quarter: net margin improved 2.9 points to 12.4% even as gross margin fell 8.8 points to 18.9%, a divergence worth watching for whether it's definitional (management has flagged a shift in how performance fees get reported) or operational. The 5.59% implied move is nearly double KKR's own 3.0% realized-move average against an 88% beat rate and a 14.2% surprise last time — a softer signal after one closely tracked price target was reportedly pulled following the last print.

Occidental reports after the close. Consensus EPS of $1.47 implies growth of 129.7% YoY, a figure flagged against a low year-ago base rather than a sudden step-up in the business: that quarter sat on weak realized oil pricing plus the heavier interest load from the CrownRock acquisition, and this year's benchmark crude has run meaningfully higher on Middle East supply-risk premia. Revenue consensus of $6.89B implies just 2.6% YoY growth, underscoring that the EPS jump is more a pricing-and-financing story than a volume one. Margins swung sharply in the last reported quarter — gross margin up 21.2 points to 57.5%, net margin down 27.1 points to 36.9% — and debt paydown from the CrownRock deal remains the live thread management is expected to update. The 5.48% implied move is well above 3x Occidental's own 1.5% realized-move average, a rich straddle set against a perfect 8-for-8 beat record and a 29.8% surprise last time out.

Ferguson reports before the open with no year-ago comparison available this quarter, so there's no year-on-year framing to lean on — the debate instead sits in the residential/non-residential mix. Residential, roughly half of revenue, has been running slightly negative on soft new construction and repair-and-remodel demand, while non-residential — helped by large capital projects including data-center construction — has been the offset; management has been holding full-year guidance even while flagging more inflation and volume pressure than originally expected, a guide-hold-despite-mix-shift pattern that looks likely to repeat. That fits a business whose trailing EPS growth has been negative on every horizon out to five years and roughly flat over ten. Margins held essentially flat in the last reported quarter (gross margin down 0.03 points to 31.0%, net margin up 2.1 points to 7.6%), consistent with margin expansion doing the work that volume isn't. The nearest expiry is the November monthly, so the 7.74% straddle spans 11 days rather than the print alone; Ferguson's own 7.15% realized-move average and 75% beat rate are the more relevant guide to today.

Skydance — the newly combined Paramount-Skydance entity — reports after the close, and its short trading history as a combined ticker is why the realized-move average carries so little precedent. The prior call guided to roughly $6.95B of revenue, adjusted EBITDA of $875–975M, and roughly flat Paramount+ subscribers quarter over quarter — the direct benchmarks tonight. Consensus EPS of $0.20 compares against a year-ago loss of $0.12, so there's no clean year-on-year read on EPS; revenue consensus of $7.04B implies 5.1% YoY growth. Cost-synergy targets have been raised to more than $3B from an initial $1.5B, with workforce reductions already under way and management guiding toward direct-to-consumer profitability this year, and the call will likely also face questions on a possible Warner Bros. Discovery combination — a wildcard for the stock reaction independent of the print itself. Margins are thin but improving (gross margin up 1.8 points to 35.7%, net margin still near breakeven at 0.6%, down 1.7 points), and the 8.11% implied move sits well above the 2.3% realized-move average.

Take-Two reports after the close, and GTA VI — the industry's most-watched release, now targeted for November 19 after two earlier delays — makes this the last checkpoint before launch; commentary on launch readiness and marketing cadence will matter more than the quarter's own numbers. Consensus EPS of -$0.86 compares against a year-ago loss of $0.73, so no year-on-year EPS read applies; revenue consensus of $1.66B is down 15.5% YoY as the company runs through a thin release slate into the launch window. The stock sold off sharply after the last delay announcement, so the market remains sensitive to any hedge in launch-date language on this call — an unhedged reaffirmation of November 19 would likely move the stock more than the loss itself. Margins improved on both lines (gross margin up 1.65 points to 57.5%, net margin up 1.3 points to -2.2%, still negative), and the 8.99% implied move runs well above the 2.1% realized-move average, against a perfect 8-for-8 beat record and a 13.9% surprise last time.

NRG Energy rounds out the morning before the open. Full-year 2026 EPS guidance has stood at $7.90–$9.90, with full-year consensus running near the top of that range — meaning this quarter needs to deliver for the year to land where the Street expects, which helps explain the unusually wide six-estimate range here ($1.74 to $3.96). Consensus EPS of $3.03 implies growth of 9.0% YoY, with revenue consensus of $9.29B implying 21.7% YoY growth; the data-center narrative has moved from talk to a signed roughly 1.2-gigawatt deal with an investment-grade hyperscaler, building on earlier contracts, and that's the single biggest thing the Street will probe for progress on, against ongoing erosion in the Texas retail and generation business that the East/PJM segment has increasingly had to offset. Margins expanded in the last reported quarter (gross margin up 13.3 points to 26.9%, net margin up 5.5 points to 6.8%) even after a 14.4% miss last time out; the 11.67% implied move is the largest among today's names and sits above NRG's own already-elevated 9.57% realized-move average, a reminder that this is a stock that moves hard on its prints.

Constellation and NRG both reporting before the open gives an early cross-check on how the data-center power story is being priced across utilities, while Occidental's financing-and-price-driven swing frames the same commodity backdrop from the producer side.

Scorecard — reported since we last wrote

Six names from the last edition reported since, with a mixed scorecard: three outright beats on both lines, a beat/miss split at Franklin Resources, Vistra's EPS not yet confirmed despite a double-digit pop, and Charter's swing to a sharp loss the one to watch.

Moderna beat decisively, swinging to a $0.38 profit against a consensus loss of $1.25, with revenue beating by 47.5% as well — shares added 5.3% on the print. The year-ago quarter was also a loss, so there's no clean year-on-year read on the bottom line, but a swing from a projected loss to a solid profit with revenue running well ahead of consensus is itself the story.

Humana beat a deeply negative consensus, narrowing its loss to $0.70 against an expected $1.00 loss, while revenue came in in line (+0.66%) — a swing to a loss from a year-ago profit of $3.24, but the market read the narrower-than-feared loss as the better story, with shares up 5.3%.

Vistra's revenue beat consensus by 6.2% ($6.35B vs. $5.98B); EPS wasn't confirmed in time for this scorecard. The stock still jumped 10.55% on the day, the sharpest reaction here, a sign the market read the headline print as a clear positive well before the full numbers were in.

PPL printed in line on EPS ($0.54 vs. $0.53 consensus — too small a surprise to call a beat) while revenue beat by 3.2%, and EPS still grew 12.5% YoY. Shares slipped 0.6% anyway — an in-line-but-sold-off reaction that's often more informative than the surprise percentage itself.

Franklin Resources beat EPS by 22.1% ($0.94 vs. $0.77) and grew EPS 40.3% YoY, but revenue missed by 22.2% — a disagreement between the two surprises worth flagging. Margins tell part of the story: gross margin ticked up 1.1 points to 81.1%, but net margin fell 4.4 points to 7.3%, so the EPS beat likely leaned on something below the operating line rather than a cleaner read-through from the top line. Shares still rose 4.7%, with the market taking the EPS beat at face value.

Charter was the scorecard's outlier: revenue was in line (consensus-flat at $14.92B), but EPS swung to a $20.50 per-share loss against both an $8.93 consensus profit and a year-ago profit of $8.34 — a swing to loss so large the -329.6% surprise understates how unusual the print was. Shares fell 6.2% on the day.

Rest of the week

Tuesday brings TransDigm before the open — the nearest expiry is the November monthly, so its 7.09% implied move spans 10 days rather than the print alone; consensus EPS of $12.21 implies 12.8% YoY growth. Thursday is the week's heaviest day, with Cisco and Applied Materials both reporting after the close: Cisco's $1.32 consensus implies 32.0% YoY growth against a 10.4% implied move, while Applied Materials' $4.06 consensus implies a sharp 87.1% YoY gain against an even larger 10.7% implied move — both expiries sit inside the week, so both figures price the print itself.

Informational only — not investment advice. Figures are consensus/estimates and option-implied values from public sources and may be revised.