At the time of this post, Corning was trading at 21.56.? A trader sold the 25,000 of the May 20 puts collecting .25.? A second trader sold 9,000 of the May 21 puts collecting 0.53.? These both appear to be income trades.
The traders are betting that GLW will stay above 21 and 20 respectively for the next 40 days.? If that happens traders will get to collect the premium sold.? If the underlying drops the traders appear to be willing to take delivery on the stock at the same respective levels.
This should be considered aggressively bearish GLW vol and slightly bullish GLW underlying.? Traders looking to piggy back could consider buying the GLW May 20 or 22 calls.