Investors with a lot of money to spend have taken a bearish stance on Corning (NYSE:GLW).
And retail traders should know.
We noticed this today when the trades showed up on publicly available options history that we track here at Benzinga.
Whether these are institutions or just wealthy individuals, we don't know. But when something this big happens with GLW, it often means somebody knows something is about to happen.
So how do we know what these investors just did?
Today, Benzinga's options scanner spotted 14 uncommon options trades for Corning.
This isn't normal.
The overall sentiment of these big-money traders is split between 14% bullish and 57%, bearish.
Out of all of the special options we uncovered, 4 are puts, for a total amount of $417,406, and 10 are calls, for a total amount of $1,204,775.
Expected Price Movements
Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $39.0 to $60.0 for Corning over the recent three months.
Insights into Volume & Open Interest
Looking at the volume and open interest is a powerful move while trading options. This data can help you track the liquidity and interest for Corning's options for a given strike price. Below, we can observe the evolution of the volume and open interest of calls and puts, respectively, for all of Corning's whale trades within a strike price range from $39.0 to $60.0 in the last 30 days.
Corning Option Volume And Open Interest Over Last 30 Days
Biggest Options Spotted:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| GLW | CALL | TRADE | NEUTRAL | 08/16/24 | $6.5 | $6.3 | $6.4 | $39.00 | $640.0K | 13.3K | 1.0K |
| GLW | CALL | TRADE | NEUTRAL | 08/16/24 | $6.5 | $6.3 | $6.4 | $39.00 | $128.0K | 13.3K | 414 |
| GLW | CALL | TRADE | NEUTRAL | 08/16/24 | $6.5 | $6.3 | $6.4 | $39.00 | $128.0K | 13.3K | 213 |
| GLW | CALL | TRADE | NEUTRAL | 08/16/24 | $6.5 | $6.3 | $6.4 | $39.00 | $128.0K | 13.3K | 13 |
| GLW | PUT | SWEEP | BEARISH | 11/15/24 | $6.1 | $5.9 | $6.1 | $50.00 | $122.0K | 1 | 0 |
About Corning
Corning is a leader in materials science, specializing in the production of glass, ceramics, and optical fiber. The firm supplies its products for a wide range of applications, from flat-panel displays in televisions to gasoline particulate filters in automobiles to optical fiber for broadband access, with a leading share in many of its end markets.
After a thorough review of the options trading surrounding Corning, we move to examine the company in more detail. This includes an assessment of its current market status and performance.
Where Is Corning Standing Right Now?
- Trading volume stands at 2,624,889, with GLW's price up by 0.71%, positioned at $44.98.
- RSI indicators show the stock to be may be overbought.
- Earnings announcement expected in 20 days.
What The Experts Say On Corning
Over the past month, 5 industry analysts have shared their insights on this stock, proposing an average target price of $43.2.
- An analyst from Oppenheimer has revised its rating downward to Outperform, adjusting the price target to $50.
- In a positive move, an analyst from Fox Advisors has upgraded their rating to Overweight and adjusted the price target to $45.
- An analyst from UBS has decided to maintain their Neutral rating on Corning, which currently sits at a price target of $44.
- An analyst from Morgan Stanley downgraded its action to Equal-Weight with a price target of $38.
- Consistent in their evaluation, an analyst from Deutsche Bank keeps a Hold rating on Corning with a target price of $39.
Options trading presents higher risks and potential rewards. Astute traders manage these risks by continually educating themselves, adapting their strategies, monitoring multiple indicators, and keeping a close eye on market movements. Stay informed about the latest Corning options trades with real-time alerts from Benzinga Pro.