Corning Stock Hits Record High on Meta Platforms Deal

Corning Inc (NYSE:GLW) shares are up 16.7% to trade at $110.80 at last check, after Meta penned a multiyear fiber-optic supply deal worth up to $6 billion to support U.S. AI data-center expansion. Corning will provide next-generation optical fiber, cable, and connectivity hardware, with plans to ramp manufacturing capacity at its North Carolina facilities.

Trading at fresh record highs, today's pop has GLW on track for its best daily percentage gain since April 2004. Longer term, the 100-day moving average has helped guide the shares higher over the past few months. Year over year, the equity is up 122.7%. 

Corning options are receiving special attention in the waking trading hours, with 13,000 calls and 10,000 puts across the tape so far. The most popular contract by far is the weekly 1/30 96-strike put, with positions opening there as well. 

Meanwhile, GLW's Schaeffer's Volatility Scorecard (SVS) sits at an elevated 86 out of 100. This means the security has tended to exceed option traders' volatility expectations during the past year