Corning (GLW) shares surged 7.47% during intraday trading, staging a sharp recovery after a two-day tumble that had erased more than 20% of the company's market value. The rebound came as institutional voices pushed back against the severity of the prior selloff and a massive bullish options trade signaled strong conviction for further upside.

The steep decline was triggered after Corning's third-quarter revenue guidance midpoint came in slightly below consensus estimates, sparking massive profit-taking following a nearly 100% year-to-date rally. However, major brokerages including UBS and Oppenheimer reiterated buy ratings, arguing the pullback was overdone. While both firms trimmed their price targets—UBS to $196 from $228 and Oppenheimer to $200 from $230—they stressed that the long-term growth thesis built on AI data center fiber optic demand remains intact. UBS also highlighted that Corning's long-term offtake contracts provide greater earnings stability.

Adding fuel to the momentum, a $31.20 million purchase of deep-in-the-money September 2026 $115 calls was executed, overwhelmingly bullish institutional flow that dwarfed negligible bearish activity. This trade indicated strong conviction that the stock is poised for significant long-term upside, reinforcing the narrative that the recent selloff presented a buying opportunity.