As the third-quarter earnings season for the S&P 500 begins, investors are bracing for a wave of corporate results that will offer a window into how well companies are behaving in a complex economic and geopolitical environment.

Bank of America analysts Ohsung Kwon, and Savita Subramanian suggest that, while expectations for earnings growth are relatively subdued, there could still be significant opportunities for stock pickers.

Stock Picker's Paradise: Volatility Ahead

One of the most notable takeaways from the latest Bank of America earnings preview is the potential for significant volatility at the single-stock level.

The options market...