Approximately half of the S & P 500 companies have reported their earnings so far — and the magnitude of their average earnings-day move has been larger than normal, according to Goldman Sachs. The average earnings-day move for companies had an absolute value of 4.2%, the firm said in a Tuesday note. Typically, the average absolute value is 3.5% on a like-for-like basis. Options-implied moves also have been moving at a higher level, with a magnitude of 5.8%, above the long-term average of 4.9%. Amid a period of heightened macro volatility, the investment bank highlighted the bearish strategy of buying puts on stocks with weak fundamental backdrops. A put gives its holder the option of selling a security at a given time within a specific time frame. Put options gain value as the stock price falls. Below are some of the names Goldman believes have downward bias to earnings-day moves over the coming days. The following stocks all have a sell rating from the firm. Goldman said it sees value in buying puts on Airbnb , which is scheduled to announce its quarterly earnings after the market close on Wednesday. The bookings platform’s 1-month implied volatility falls under the 85th percentile, according to the firm’s calculations. Paramount was another name on the list. Shares declined to a new 52-week low on Wednesday, just a day ahead of its earnings announcement. The stock has declined more than 36% already in 2023, as its streaming business continues to struggle. Rockwell Automation , internet auction site Ebay and Hormel Foods also made the list. —CNBC’s Michael Bloom contributed to this report.