COHH is trading at $9.04 (+10.72%) as traders reposition ahead of Coherent’s fiscal fourth-quarter earnings, scheduled for after the August 12, 2026 close. - COHH provides approximately 2x daily exposure to Coherent through swap positions, making the underlying stock’s earnings-related volatility especially influential. - The move also reflects a modestly positive technology-risk backdrop, with Nasdaq futures up 0.37%, while investors await the 8:30 a.m. CPI release.