Corning Incorporated closed at USD 126.01, down 12.10%.

A massive $7.04 million out-of-the-money call purchase dominated the options session, targeting a climb to $140 by 2026. Despite the sharp single-day decline, the decisive long-dated bullish flow—with zero bearish large trades—signals deep institutional conviction for a significant recovery and upside breakout over the coming years.

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Options Indicators

GLW’s implied volatility is 84.52%, and with an IV percentile of 90.04%, current option volatility is clearly in an elevated zone, indicating that options are priced expensively relative to their own recent history. The IV/HV ratio of 1.04 suggests implied volatility is only modestly above realized volatility, so while premiums are rich on a percentile basis, they are not wildly detached from recent actual movement. Overall, the market is assigning a high near-term volatility premium, which makes outright option purchases relatively costly and tends to favor structures that reduce premium outlay or take advantage of richer pricing. The Call/Put volume ratio is 1.32.

Large Trades

A CALL purchase worth $7.04 million stood out as the key large trade, with 10,200 contracts bought on the September 18, 2026 expiration at the 140.0 strike. With GLW referenced at $126.01, this call was out of the money at execution, making it a clearly bullish directional bet that requires upside in the underlying to realize value by expiration. The buyer committed significant premium to gain leveraged upside exposure, signaling an expectation that GLW can advance meaningfully above current levels over a longer-dated horizon. Overall sentiment is clearly bullish. Total bullish large-trade flow reached $7.04 million, while bearish flow was $0.00 million, leaving a net bullish difference of $7.04 million. The directional judgment is decisively positive because the entire large-trade activity was concentrated in an outright purchase of out-of-the-money long-dated calls, which typically reflects upside speculation rather than income generation or defensive positioning.

Strategy Reference

With elevated IV, premium sellers might consider a put spread such as selling a 110.00 strike put to collect rich premium while defining risk, or a call spread to finance the expensive long-dated upside exposure.