Earnings Volatility Watch: CoreWeave Reports Into an AI Rally Test, and Options Expect a 21% Move

It was a brutal week for chipmakers and for the AI rally.

On Thursday, the Nasdaq 100 plunged 6.36%, its worst day since March 2020. The iShares Semiconductor ETF (NASDAQ:SOXX)/a> fell about twice as much, 12.15%, also its worst day since 2020.

Nvidia Corp. (NASDAQ:NVDA)/a> lost more than $400 billion in market value in a single session, and the largest stocks in the Nasdaq 100 together shed more than $2 trillion.

Chip stocks rebounded Friday, but the week ahead puts some of the most-watched AI stocks to the earnings test.

The biggest mega-cap stock reporting results is Cisco Systems Inc. (NASDAQ:CSCO)/a>. It reports Nov. 12 after the close, with options traders pricing an 8.70% move.

Yet even wider moves are expected elsewhere.

These are the 10 largest expected movers of the week, among U.S. stocks with at least $10 billion in market cap, according to Benzinga Pro data.

An implied move is the percentage swing in either direction that options traders expect right after earnings./p> div class="bz-read-next-block" data-variant="card" data-news-mode="manual" >

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Which Stocks Could Swing The Most This Week?

10. Vylor: 10.02% Implied Move

Analysts expect Vylor Inc (NYSE:VYLR)/a>, the Corteva spin-off added to the S&P 500 on Oct. 1, to post earnings of 96 cents per share on revenue of $3.04 billion when it reports Nov. 11 after the close.

The company announced a $3 billion buyback plan on Oct. 22. Eight firms have initiated coverage since the start of October, including UBS at Buy with an $89 target, Goldman Sachs at Buy with $87 and BNP Paribas at Neutral with $75.

The stock has gained 7.48% so far this year.

9. Tetra Tech: 10.38% Implied Move

Two price-target cuts on Oct. 15 frame the setup for Tetra Tech, Inc. (NASDAQ:TTEK)/a>, the consulting and engineering firm. RBC Capital lowered its target to $44 and KeyBanc to $41, though both kept positive ratings.

The company reports fiscal fourth-quarter results Nov. 11 after the close, with consensus at 47 cents per share on revenue of $1.15 billion.

Year to date, the stock is up 18.71%.

8. Somnigroup: 11.08% Implied Move

Monday morning opens the week with Somnigroup International Inc. (NYSE:SGI)/a>, the mattress maker behind Tempur-Pedic and Sealy and owner of Mattress Firm, reporting before the open on Nov. 9.

Consensus calls for earnings of $1.05 per share on revenue of $2.43 billion.

No analyst rating or price target change has been recorded on Benzinga in the last 45 days, so the numbers will meet the market with little fresh positioning.

The shares have lost 25.63% this year.

7. NRG Energy: 11.33% Implied Move

Four firms cut price targets in the final days of October on NRG Energy, Inc. (NYSE:NRG)/a>: Barclays to $163, Wells Fargo to $182, CIBC to $159 and Scotiabank to $149, all keeping positive ratings. HSBC had initiated at Buy with a $179 target on Oct. 22.

The power producer reports Nov. 9 before the open. Analysts model earnings of $3.33 per share on revenue of $9.24 billion.

After a rebound of roughly 8.5% on Friday, the stock is still down 45.91% year to date.

6. Skydance: 11.35% Implied Move

Nearly 24% vanished from the stock on Oct. 14, according to Benzinga, and the pressure on Skydance Corporation (NYSE:SKYD)/a> has not fully lifted since. Reuters reported Nov. 3 that eight executives will leave after the Paramount and Warner Bros. Discovery merger.

The company reports Nov. 9 after the close, with Wall Street expecting a loss of 5 cents per share on revenue of $15.95 billion.

Analysts are split. Citigroup reinstated coverage at Buy with a $10 target, JPMorgan upgraded to Neutral with a $9 target and Bernstein kept Underperform with a $6 target.

The shares are down 38.83% this year./p> div class="bz-read-next-block" data-variant="card" data-news-mode="manual" >

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5. Venture Global: 12.04% Implied Move

The Gulf shapes the setup for Venture Global, Inc. (NYSE:VG)/a>, the LNG exporter. QatarEnergy’s CEO said Oct. 29 that two LNG trains damaged in Iranian attacks will take about three years to repair, and that Qatar is talking to U.S. suppliers including Venture Global about long-term purchases.

Earnings arrive Nov. 10 before the open, with the Street at 50 cents per share on revenue of $4.69 billion.

Wells Fargo upgraded the stock to Overweight with a $21 target on Oct. 20, while Bernstein holds Market Perform with a $14 target. Shares have surged 66.69% in 2026.

4. Applied Materials: 14.37% Implied Move

Fiscal fourth-quarter results from Applied Materials, Inc. (NASDAQ:AMAT)/a> land Nov. 12 after the close, with analysts looking for earnings of $4.05 per share on revenue of $10.30 billion.

The chip equipment maker said Oct. 26 it is raising its stake in BE Semiconductor Industries to about 20%. Morgan Stanley lowered its target to $538 on Nov. 3 and kept Equal-Weight, while Evercore ISI and RBC Capital both kept Outperform ratings in mid-October.

The stock is up 23.83% year to date.

3. Rocket Lab: 16.38% Implied Move

A delay sits at the center of the story for Rocket Lab Corporation (NASDAQ:RKLB)/a>. The space company said Oct. 14 that the first launch of its Neutron rocket is now expected in 2027, and Citizens, KeyBanc and TD Cowen cut price targets in the following days, to $90, $100 and $90.

Barclays had initiated at Overweight with an $85 target on Oct. 9. The company reports Nov. 9 after the close, with Wall Street modeling a loss of 7 cents per share on revenue of $255.71 million.

Even after a rebound of about 9.5% on Friday, the shares remain 28.69% lower this year.

2. Cerebras: 20.36% Implied Move

The stock fell 11.85% the session after Cerebras Systems, Inc. (NASDAQ:CBRS)/a> reported in August, even though its loss of 4.5 cents per share was narrower than the 19 cents expected, according to Benzinga data.

Since then, the AI chipmaker hit an all-time low on Nov. 2 and drew a short report from Culper Research on Oct. 28. An Oracle Cloud partnership announced Oct. 27 lifted the shares only briefly, and UBS lowered its target to $250 while keeping Buy.

The company, which went public in May, reports its third-quarter results Nov. 12 after the close. Analysts expect a loss of 14 cents per share on revenue of $214.70 million.

It closed its first day of trading at $311.07 on May 14 and now trades near $85, down about 73%.

1. CoreWeave: 20.89% Implied Move

Options traders see the biggest swing of the week in CoreWeave, Inc. (NASDAQ:CRWV)/a>, which reports its third-quarter results Nov. 10 after the close. Analysts expect a loss of $1.16 per share on revenue of $3.55 billion.

The setup is a mirror image of August. After the last report, on Aug. 11, the stock jumped 19.28% the next day, closing at $107.73. It now trades near $43.50, roughly 60% below that close, and set an all-time low on Nov. 2.

The debate has moved from demand to financing, and the credit market is where it shows first.

According to S&P Global Market Intelligence data, CoreWeave’s credit default swaps jumped to 23 points upfront on Thursday from 20. In mid-April the contract stood at 2 points.

Gavan Nolan, executive director and co-head of fixed income pricing research at S&P Global Market Intelligence, told Benzinga that CoreWeave’s contract is one of the more liquid single name high-yield CDS in North America.

"It was under pressure before the midterms. So I don’t think the midterms were the reason, because it was already happening," Nolan said.

"The neocloud sector is clearly at the moment the pressure point," he said.

Hyperscalers, by contrast, fund much of their spending with operating cash flow and remain strong credits, according to Nolan.

Wall Street is still divided on the stock. Citigroup lowered its target to $128 and kept Buy on Nov. 4, UBS has a $105 Buy, Morgan Stanley has a $70 Equal-Weight and HSBC has a $39 Reduce.

Shares are down 41.16% year to date.

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