Earnings reports from Cisco and Salesforce.com could translate to a cumulative $11 billion shift in market cap, according to RiskReversal's Dan Nathan.
The options market is implying a greater-than-average move for the companies, which release earnings after Wednesday's closing bell.
According to Nathan, Cisco could see a 5 percent rally or decline after its report, which translates to a roughly $7 billion swing in market cap value for the company.
Options traders calculate the implied move for stocks by determining a company's "straddle," which is at the money puts and calls. The value of the straddle is a typically strong indicator of investors' expectations for the amount in which the stock could move.
"They have a lot of revenue exposure outside of the U.S. and that's where they expect to get a lot of their growth," Nathan said about Cisco, which is down nearly 2 percent on the year. However, Nathan cautioned that while Cisco is a cheap stock with a strong balance sheet, it has a lot of emerging market and dollar exposure.
There is potential for upside: In the past five quarters, Cisco's stock has rallied 9.5 percent on two different occasions following earnings.
Nathan said cloud computing company Salesforce.com could move as much as 8 percent after reporting earnings, which equals around $4 billion in market cap movement.