Longbow analyst David MacGregor noted that Whirlpool shares sold off by nearly 4% following President Trump's tweet threatening new "List 4" tariffs of 10% on Chinese goods imported into the U.S. However, he estimates that based on the potential tariffs' impact, the correction "should have at most been $2.40 or approximately half of what occurred," even ignoring the potential benefits associated with more heavily tariffed competitors becoming incrementally more rational. Core 6 appliance pricing in the U.S. is "likely to prove more resilient than many expect," added MacGregor, who keeps a Buy rating on Whirlpool shares with a $178 price target.

Pre-earnings options volume in Whirlpool is 1.9x normal with calls leading puts 4:3. Implied volatility suggests the market is anticipating a move near 6.0%, or $6.38, after results are released. Median move over the past eight quarters is 3.8%.