What's behind call sale in Corning
Call selling sees limited upside in Corning.
A trader sold 4,658 GLW July 22 calls for the bid price of $0.21 this morning. Open interest in the strike was just 1,007 contracts before the trade appeared, so it is clearly a new position.
The contracts were likely sold against long stock in a covered-call strategy . That would be bullish up to, but not beyond, the $22 strike. (See our Education section)
GLW is up fractionally this morning to $20.98. The glass maker has been in an increasingly tight range since reaching a 52-week high of $21.77 in early April.
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