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Corning (GLW) closed up about 15.6% on Monday at $255.63, with intraday gains even higher and volatile.
The core catalyst is the FTSE Russell index reconstitution taking effect today.
Starting at today's open, the annual Russell index reconstitution was implemented. Corning was removed from several value-oriented benchmarks and added to key growth indices — Russell 3000 Growth, Russell 1000 Growth, Russell Top 200 Growth.
This style shift triggered large-scale passive and active institutional buying, as fund managers rebalance to reflect Corning's transformation from a "cyclical value stock" to a "high-growth tech enabler."