Impressive call volume in Corning (GLW) today. Shares of the specialty glass maker are up 42 cents to $18.09 and 73,000 contracts traded. By way of comparison, typical call volume is 6,800 and a total of 8,900 puts have changed hands. The top trade of the day is a 20,000 contract block of Aug 19 calls at 33 cents when the market was 32 to 33 cents. It appears tied to 580K shares at $17.92. The next biggest trade is a 9,750-contract block of Aug 19 calls, bought-to-open at 37 cents on ISE, according to ISEE data. 43,558 contracts now traded. July 18 calls, which are 9 cents ITM, have traded 13,460 contracts. Overall, the flow today seems to reflect expecations for a rally in GLW. Implied volatility has eased 6 percent to 25. The catalyst for the bullish trading isn’t entirely clear, as there is no company-specific news on Corning today. Earnings expected late-July.
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Frederic Ruffy is a well-known trader, writer, and strategist who has spent years educating investors and creating intelligent, insightful, unbiased market observations that are frequently cited by the Wall Street Journal and other financial publications. As senior analyst, Fred provides frequent and regular notes and daily updates for activity of interest.