Corning closed at USD 158.39, a decline of 9.19% from the prior close. Following a sharp drop, significant options activity emerged, highlighted by a large, bullish put sale that collected over $3.5 million in premium, suggesting a view that the sell-off may be overdone.
Options Indicators
GLW’s implied volatility is 97.74%, and with an IV percentile of 99.60%, current option volatility sits at an extremely elevated level versus its own historical range, indicating that options are priced expensively rather than cheaply. Although the IV/HV ratio of 0.83 suggests implied volatility is not far out of line with realized movement, the percentile reading is the more important takeaway here: relative to its past behavior, the market is assigning very rich premiums, so outright option buying faces a higher cost hurdle while premium-selling structures or defined-risk spreads may be more efficient.
The Call/Put volume ratio is 0.60.
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Large Trades
A PUT sale worth $3.56 million stood out as the key large trade, with 5,120 contracts sold on the September 18, 2026 $120.00 put. With GLW referenced at $158.39, this strike sits out of the money, making the trade a moderately bullish premium-selling position. By selling this put, the trader is expressing confidence that GLW will remain above $120.00 through expiration, while collecting option premium and potentially signaling a willingness to accumulate shares at a much lower effective entry level if assigned.
Overall sentiment from the full large-trade flow was bullish, with total bullish premium at $3.56 million versus $0.00 million bearish, for a net bullish difference of $3.56 million. The directional bias is clearly positive, as the entire notable flow was concentrated in an out-of-the-money put sale, a structure typically associated with premium collection and constructive downside confidence rather than hedging or outright bearish positioning.
Strategy Reference
Given the high IV percentile, premium sellers could consider a defined-risk put spread, such as selling the $120 put and buying a lower-strike $110 put for protection to reduce margin requirements, while still capitalizing on elevated premiums.
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