The shares of Corning Inc (NYSE:GLW) were last seen trading near breakeven at $62.62, after earlier surging to a 25-year high of $63.91. The security added 11.9% on Tuesday -- its best single-day percentage gain since July 2024 -- on the heels of upbeat second-quarter results. Now pacing for a third-straight monthly gain and best month since July 2020, GLW may have even more room to run, thanks to a historically bullish signal now flashing.
Corning stock's peak comes amid low implied volatility (IV), per its Schaeffer's Volatility Index (SVI) of 22%, which sits in the 8th percentile of annual readings. This has occurred three other times in the last five years, after which the equity was higher one month later 67% of the time, averaging a 6.6% pop. A comparable move from its current perch would place GLW above $66 for the first time in 25 years.
An unwinding of pessimism over in the options pits could also help shares extend their healthy 56.4% year-over-year lead. This is per GLW's 50-day put/call volume ratio at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), which sits higher than 98% of readings from the past year.
