Corning Inc (NYSE:GLW) stock is near the bottom of the New York Stock Exchange today, down 19.3% to trade at $115.66. While the Apple iPhone glassmaker and fiber optics specialist reported adjusted second-quarter earnings of 78 cents per share on $4.74 billion in revenue, third-quarter guidance came in below estimates. The company cited memory prices as a headwind, with the AI infrastructure rotation also playing a part in the selloff.
Corning stock is heading for its worst single-session decline since March 2020. The shares have taken a 57% haircut off their June 30 record high of $271.38, but remain up 32.2% year to date.
Also, keep an eye on GLW's 14-Day Relative Strength Index (RSI), last seen deep in "oversold" territory at 28.
Options traders are ramping up their activity today. In just the first half hour of trading, over 18,000 contracts have changed hands, volume that's triple the average intraday amount. The weekly 7/31 100-strike put is the most popular, while new positions are being bought to open at the August 275 call.
