Earnings are back in focus on Wednesday, with a Benzinga-selected slate that spans precious-metals mining and AI infrastructure through optical components. With guidance and segment commentary often moving the tape as much as the headline numbers, options markets are already sketching out the size of the post-print swing, according to Benzinga Pro. The marquee name on this list is Coherent.
4. Pan American Silver | Mkt Cap: $21B | Implied Move: 5.89%
Pan American Silver Corp. (NYSE:PAAS) reports second quarter of 2026 results after the closing bell.
Wall Street is looking for 84 cents in earnings per share on $1.15 billion in revenue, compared with 43 cents on $811.90 million a year ago — a setup that puts both production trends and realized pricing in focus for the silver-and-gold miner.
Benzinga Pro data show options are pricing in a 5.89% move around the print, the smallest implied swing in this Benzinga-selected watchlist. Even so, with Pan American Silver at roughly $21.5 billion in market value, that’s about $1.26 billion of market cap theoretically in play.
Pan American Silver carries a Buy consensus rating, and the stock is trading well below the 180-day average analyst price forecast. Recent notes have been mixed: in July, B of A Securities reiterated its Buy rating and cut its price forecast, while TD Cowen upgraded the stock to Buy and raised its price forecast in May.
Shares have inched higher in 2026, up 1.5% year-to-date and trading 0.1% above the 200-day moving average, even after the 50-day moving average crossed below the 200-day in July. The stock sits about 27% below the 52-week high of $69.99.
3. Nebius Group | Mkt Cap: $47B | Implied Move: 11.33%
Nebius Group N.V. – (NASDAQ:NBIS) reports second quarter of 2026 results before the opening bell.
Consensus expectations call for a 80 cent per share loss on $576.74 million in revenue, compared with a 38 cent per share loss on $105.10 million a year ago. For a vertically integrated cloud provider focused on AI and high-performance computing, the revenue ramp is the headline — but investors will also be listening for any updated cadence on scaling costs.
Options are implying an 11.33% move, according to Benzinga Pro, putting about $5.29 billion of market value at stake based on Nebius’ roughly $46.7 billion market cap.
Nebius has a Buy consensus rating, and the share price sits below the 180-day average analyst price forecast. Into the report, analysts have been active: in August, DA Davidson reiterated its Neutral rating and cut its price forecast, while Citigroup reiterated its Buy rating and also cut its price forecast.
The stock has been a standout in 2026, up 104.7% year-to-date and trading 30.2% above the 200-day moving average. Even after that run, the shares sit about 38% below the 52-week high of $299.86.
2. Cerebras Systems | Mkt Cap: $51B | Implied Move: 12.75%
Cerebras Systems Inc. (NASDAQ:CBRS) reports second quarter of 2026 results after the closing bell.
The Street is modeling a 19-cent-per-share loss on $193.68 million in revenue. As an AI company building large-scale semiconductor hardware and the systems around it for training and inference, Cerebras Systems’ quarter is likely to be read through the lens of demand visibility and execution as customers build out AI compute.
According to Benzinga Pro, options are pricing in a 12.75% move — a larger implied swing than the two names above it on this list. With Cerebras Systems valued at about $51 billion, that equates to roughly $6.5 billion of market cap at stake.
Cerebras Systems carries a Buy consensus rating, and the 180-day average analyst price forecast sits well above where the stock trades. Recent coverage has leaned constructive but not uniform: in July, Mizuho reiterated its Outperform rating and raised its price forecast, while Freedom Capital Markets initiated coverage with a Hold rating in June.
The stock has slid in 2026, down 26.1% year-to-date, and it’s sitting about 41% below the 52-week high of $386.34 heading into the print.
1. Coherent | Mkt Cap: $63B | Implied Move: 15.04%
Coherent Corp. (NYSE:COHR) reports fourth quarter of 2026 results after the closing bell.
Analysts expect $1.58 in earnings per share on $1.98 billion in revenue, up from $1 on $1.53 billion in the prior-year quarter. With Coherent selling lasers, transceivers, and other optical and optoelectronic components into communications and industrial markets, the report is positioned to be a read on both end-demand and the company’s ability to convert that into margin and earnings power.
Benzinga Pro shows the options market is implying a 15.04% move — the widest implied swing in this Benzinga-selected lineup. On a market cap of about $63.4 billion, that’s roughly $9.54 billion of market value at stake.
Coherent has a Buy consensus rating, and shares trade below the 180-day average analyst price forecast. On the Street, recent commentary has skewed supportive: in July, Raymond James reiterated its Strong Buy rating and raised its price forecast, and TD Cowen reiterated its Buy rating and raised its price forecast in May.
Shares have rallied in 2026, up 67.3% year-to-date and trading 24% above the 200-day moving average. Even with that strength, the stock is about 26% below the 52-week high of $440.
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