Corning Incorporated (GLW) Traders Eye Multi-Month Highs

Corning Incorporated is up today on a pair of fundamental developments

by

Published on Dec 3, 2014 at 2:02 PM
Updated on Apr 20, 2015 at 5:09 PM

Corning Incorporated (NYSE:GLW) has rallied 2.7% to trade at $21.58, after increasing its dividend and introducing a $1.5 billion share repurchase program. These developments are bringing call traders to the table, as the contracts are running at double the usual intraday pace. In fact, each of the 10 most active strikes is a call.

In the top position is the weekly 12/5 21.50-strike call. Four-fifths of the volume here has transpired at the ask price, and volume outstrips open interest, making it safe to assume new bullish bets are being initiated. While these GLW calls are already in the money, the buyers need the stock to finish above breakeven at $21.66 (strike plus the volume-weighted average price of $0.16) at Friday's close, when the weekly series expires.

Looking at the charts, Corning Incorporated (NYSE:GLW) -- despite surging nearly 21% this year -- hasn't ended a week atop $21.50 since late July. As such, delta on the in-the-money call is still about the flip of a coin, or 0.51.


A Schaeffer's exclusive

TOP STOCK PICKS 2020

Access your FREE insider report before it's too late!


 
 

Partnercenter


NEW! Explore Schaeffer’s Partners' deals and get connected to top online brokerages with deals tailored exclusively for our readers.  Get answers to your questions regarding transfer fees, commission rates, programs and available discounts related to online trading services.

MORE | MARKETstories


IRA/401k: The Crash-Proof Retirement Plan
Use gold to protect any IRA, 401(k), or retirement account from a looming financial crisis.
Stocks Eye Notable Weekly Gains on 3-Day Surge
Stocks are eyeing big weekly gains
WW Stock Brushes Off Bull Note
Morgan Stanley upgraded the Weight Watchers parent to "overweight" from "equal weight"
IRA/401k: The Crash-Proof Retirement Plan
Use gold to protect any IRA, 401(k), or retirement account from a looming financial crisis.