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Traders see limit to Corning losses

Chris McKhann (chris.mckhann@optionmonster.com)

Traders are looking for a floor in Corning.

More than 6,000 CLW December 16 puts have traded against open interest of 2,665 this morning, according to optionMONSTER systems. The big block of 4,259 was sold for the bid price of $0.15.

The put selling is a bet that GLW will hold up above $16 in coming weeks. The traders carry the risk of having to buy shares if they are below that strike. (See our Education section)

GLW is up fractionally this morning to $17.03. The glass maker was below $16 a month ago and gapped above $18 after its earnings report, but it has given up some ground since.

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