As U.S. companies gear up to report the next batch of quarterly results, investors appear willing to pay more for bearish options than bullish ones in a handful of companies.

The trend suggests investors are more nervous about these stocks making sharp moves to the downside than sharp moves to the upside.

Among the stocks in which bearish options cost more than bullish ones are Starwood Hotels & Resorts Worldwide Inc. (HOT), El Paso Corp. (EP), Moody's Corp. (MCO) and Quicksilver Resources Inc. (KWK), according to analyses conducted by Goldman Sachs Group.

On the flip side, there are also companies in which bullish options cost more than normal, when compared to the cost of bearish contracts. Among these names are Medarex Inc. (MEDX), Qwest Communications International Inc. (Q), Goldcorp Inc. (GG) and Barrick Gold Corp (ABX).

Strategists attempt to determine the likelihood of future moves by analyzing the "implied volatility" of the companies' options. Specifically, they compare the implied volatility on put options with the implied volatility on call options - a closely watched measurement known as "skew."

Puts convey the right to sell a company's stock and are considered bearish contracts. Calls, on the other hand, convey the right to buy a company's stock and are considered bullish contracts.

In cases where puts carry a higher implied volatility than calls, investors have shown a willingness to pay higher prices for those bearish contracts and are signaling nervousness over the stock.

"Typically, people look at these screens as a gauge of fear because if puts are more expensive, then people fear a gap move down more than they fear a gap move up," said Goldman Sachs derivatives strategist John Marshall.

The relationships between call and put options are constantly changing, and so rapid increases or decreases in skew could signal expectations for future moves.

Among the companies in which the skew has turned more bearish in recent sessions are Wendy's/Arby's Group Inc. (WEN), JetBlue Airways Corp. (JBLU) and General Electric Co (GE).

Meanwhile, skew has turned more bullish for Sara lee Corp. (SLE), DIRECTV Group Inc. (DTV) and Advanced Micro Devices Inc (AMD).

To obtain these readings, Goldman Sachs tracked changes in skew from June 16 to June 23.

Investors who believe the options market is mispricing risk in these companies - either to the upside or downside - can execute certain trades to take advantage of the situation.

For example, investors who believe a company's puts are too expensive in relation to its calls can sell puts and buy calls. By contrast, investors who think a company's calls are too expensive in relation to its puts can sell calls and buy puts.

-By Tennille Tracy, Dow Jones Newswires; 212-416-2183; tennille.tracy@dowjones.com