Corning closed at USD 124.05, down 1.56%.

The options market saw a massive single trade, with a $31.20 million purchase of deep-in-the-money September 2026 $115 calls. This overwhelmingly bullish flow, dwarfing a negligible $0.06 million in bearish activity, signals strong institutional conviction for substantial long-term upside in GLW shares.

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Options Indicators

GLW’s implied volatility stands at 85.56%, and with an IV percentile of 90.84%, current option volatility is clearly in an elevated regime, indicating that options are priced expensively versus the stock’s own recent history. At the same time, the IV/HV ratio of 0.98 suggests implied volatility is roughly in line with realized volatility, so while premiums are rich on a historical percentile basis, they are not meaningfully detached from the stock’s actual recent movement profile. The Call/Put volume ratio is 1.81.

Large Trades

A CALL purchase worth $31.20 million dominated the session, consisting of 15,000 September 18, 2026 $115 calls bought outright. With GLW referenced at $124.05, the strike is in the money, which gives the position substantial intrinsic value alongside longer-dated upside exposure. This is a clearly bullish single-leg trade: the buyer is paying premium for leveraged participation in further gains, while also benefiting from the deeper-delta profile that comes with an in-the-money call. Strategically, it points to a strong directional bet on continued appreciation in GLW over the long term rather than a premium-collection or hedging posture. Overall sentiment was decisively bullish. Total bullish large-trade flow reached $31.20 million, while bearish flow was just $0.06 million, leaving a net bullish difference of $31.14 million. The directional judgment is clearly positive, as the flow was overwhelmingly driven by one very large in-the-money long call purchase, with only minimal opposing activity from a small call sale. Taken together, the large-trade profile suggests conviction-driven upside positioning and indicates that institutional-sized activity was strongly skewed toward expecting higher prices in GLW.

Strategy Reference

For sellers seeking to capitalize on elevated IV percentile, a short put spread, such as selling a September 2026 $85 put and buying the $75 put, could define risk while collecting a net credit, though sellers should be mindful of the overwhelmingly bullish institutional sentiment.