Options Traders Tuning Into Corning (GLW)

Shares of Corning Inc. GLW are higher on the session by 0.24%, currently trading at $16.85. The stock has been moving largely sideways for the past four months, finding support at $16.00 a number of times. Options traders are buying some puts on the name today, though this looks like protective positioning on long shares. The September $17.00 put was purchased 7,500 times, on the offer, right after the opening bell. Open interest on the strike is 5,823 contracts, which signals new positioning at the strike. Corning Incorporated is a technology-based corporation that operates in five reportable business segments: Display Technologies, Telecommunications, Environmental Technologies, Specialty Materials and Life Sciences. Corning manufactures and processes products at approximately 60 plants in 13 countries. Its subsidiaries include Corning Cable Systems LLC, Corning Cable Systems Polska Sp. Z o.o, Axygen BioScience, Inc and Corsam Technologies LLC. In September 2009, Corning acquired Axygen BioScience, Inc.