Buy Call GLW

October 29, 2024
Sell a Third of Existing Position: Sell a Third of your GLW May 47 Calls for $5.30 or more.

GLW is trading higher by 5% this morning following earnings. And while I think the stock looks great, ahead of the election lets stick to the plan and lock in a quick gain of approximately 25% on the first third of our position.

To execute this trade you need to:
Sell To Close a Third of your GLW May 47 Calls.

October 11, 2024
Buy the Corning (GLW) May 47 Calls (exp. 5/16/2025) for $5 or less.

In the last week, option activity in Corning (GLW) has been overwhelmingly bullish as the stock has made a run at recent highs. Here is that call buying from today and the past week:

Today - Buyer of 2,000 Corning (GLW) December 47 Calls for $2.50 – Stock at 47

Buyer of 3,000 Corning (GLW) November 46 Calls for $1.85 – Stock at 45.5

Buyer of 8,000 Corning (GLW) December 48 Calls for $1.65 – Stock at 45.5

Buyer of 10,000 Corning (GLW) November 49 Calls for $1.35 – Stock at 47

Buyer of 6,000 Corning (GLW) November 46 Calls for $1.35 – Stock at 44.65

I like the stock setup in GLW, as well as this bullish option activity, and finally, the price of the May 47 calls is very attractive, and today we are going to add GLW to the portfolio.

To execute this trade you need to:

Buy to Open the GLW May 47 Calls

The most you can possibly lose on this trade is the premium paid or $500 per call purchased.

The risks I see in the trade are the following:

The market has been on a monster run, and ahead of the election season, it could be due to cool off.

GLW will report earnings on 10/29, and as always, who knows how the stock will react.

Finally, some of GLW’s stock strength could be attributed to its AI exposure. And as we have seen, that group can get red-hot but also ice cold, very quickly.

And while there are risks, I really like the recent call buying activity and to pay $5 for an at-the-money option with eight months until its expiration is a great risk/reward opportunity.