Corning (GLW) adds 7 cents to $16.96 and one strategist sells 15,000 Aug 22 puts at $4.95 per contract to buy 30,000 Aug 18 puts at $1.33, collecting $2.29 on the 1X2. It might exit some of a position opened on Feb 11 when the Aug 18 – 22 put spread was bought at $1.27, 30000X (see 2/11 color). Shares are down 23.1 percent since that time. Separately, Aug 19 calls on Corning are seeing interest again today. 11,143 traded (86 percent Ask). Jul 17 and Aug 17 puts are seeing interest as well. Shares are rebounding a bit on the sessoin, but had suffered a six-day 8.9 percent losing skid prior to today.
About the Author (Author Profile)
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.