As earnings season heats up, Bank of America believes certain stocks could see big one-day swings on the back of their reports, creating opportunities for investors if they know where to look. Bank of America looked at stocks with the highest implied volatility in their earnings announcements. A stock’s implied volatility is calculated using the market price of its options. The metric reflects how much the market expects a stock’s price to rise or fall. High volatility indicates a higher potential move. So far, more than 90 companies on the S&P 500 have reported their earnings for the fourth quarter. Of those companies, 68% of them have posted stronger-than-expected results, according to FactSet. Tech giant Microsoft is among the latest to join this group, having announced better-than-expected earnings per share. However, that strike rate is below the historical average of 79%, according to Nick Raich of The Earnings Scout. Here are some stocks that could see some big swings, according to data from Bank of America. One stock that made the list is Tractor Supply, with Bank of America noting that the options market is signaling a potential move of 4.7% in either direction after earnings. Analysts polled by Refinitiv expect double-digit earnings and revenue growth from the company. Tractor supply is down more than 5% year-to-date, but is up more than 9% over the past six months. It is expected to report Thursday before the clock. Mastercard’s shares could also move strongly on the back of earnings, with the options market pricing in a 3.8% swing in either direction. The company’s stock is up 9.03% year to date. KeyBanc upgraded Mastercard shares earlier this month from sector weight to overweight, citing the company’s “growth sustainability.” Mastercard is scheduled to report earnings on Thursday. Valero Energy, the second-largest U.S. refiner by capacity, is also scheduled to report earnings on Thursday. Bank of America estimates that oil refiners’ shares can fluctuate 4.2%. Analysts are mixed on the stock heading into earnings — JP Morgan and Morgan Stanley rate the stock a buy, while Goldman Sachs has a sell rating, according to TipRanks. Valero Energy shares are up 12.4% year-to-date, thanks to strong demand for gasoline and diesel. VLO YTD mountain VLO in 2023 Bank of America also expects Southwest Airlines shares to see big swings, with options market prices in a 4.4% move in either direction after the airline posted earnings on Thursday. The airline made headlines in recent weeks thanks to its holiday meltdown, which took a hit of up to $825 million. Intel could also see a big move after earnings. Bank of America noted that the stock’s implied volatility reflects a swing of 7.6% when the company publishes its quarterly report after hours on Thursday. — CNBC’s Michael Bloom contributed reporting.