CNH Industrial After Earnings: Heavy Dark Pool Buying and 94% Calls, While AGCO Options Lean to Puts (GTA Terminal Data, November 9, 2026)

CNH Industrial, the company behind Case IH and New Holland tractors and combines, reported quarterly results on Monday, November 9, and its stock jumped. Rival farm equipment maker AGCO, owner of Fendt and Massey Ferguson, told a different story in the options market. For farmers, ag dealers and custom operators shopping for equipment this winter, the gap between the two is worth a closer look. Here is what GTA Terminal data from Global Traders Academy showed for the November 9 session.

CNH: a 10.9% gain with heavy off-exchange buying

According to GTA's report on CNH's November 9 off-exchange volume, 10,486,507 CNH shares traded away from the public exchanges that day, 1.4 times the stock's 20-session average and 41.2% of all its volume. That came on a gain of 10.9%, a combination traders often read as institutions accumulating. The off-exchange count had been building: 5,989,217 shares on November 4, 6,559,599 on November 5 and 7,228,021 on November 6.

The options money agreed. In the latest scan, 94% of CNH's options premium went into calls and only 6% into puts. GTA's CNH chart, flow and dark pool lineup above $12.57 put the close at $12.82, above the 20-day average of $11.62 and the 50-day average of $12.57, with resistance at the 20-day high of $13.25. GTA found all three reads leaning bullish. The trend is up, 11% below the 52-week high, with an RSI of 68, close to the 70 level many traders call overbought.

AGCO: strong chart, bearish options

AGCO closed at $116.09 on November 9, 98% of the way up its 20-day range of $98.68 to $116.46. On the chart alone, that looks strong. But GTA's AGCO split-signal report at $116 found only 20% of options premium in calls and 80% in puts. Off-exchange volume on November 6 was 182,927 shares, just 0.5 times normal, too light to read a direction from. GTA's verdict: the chart leans bullish, the options flow leans bearish and the dark-pool read is mixed. The levels that settle it are support at the 50-day average of $114.21 and resistance at the 20-day high of $116.46. With an RSI of 70 and a price just under that high, the options market appears to be hedging against a pullback. Follow both names on GTA's CNH Industrial news page.

What it means for farm equipment buyers

• Investors liked what CNH reported. A strong move on report day, backed by heavy off-exchange buying and call-heavy options, suggests investors were reassured about the farm equipment cycle at CNH. That does not mean prices on Case IH or New Holland machines will fall.

• AGCO's options lean is a caution flag. An 80% put share on a stock near its 20-day high often means traders are protecting gains. It is a reminder that the recovery in farm equipment stocks is not one-way.

• Dealer inventory still matters most. Whatever the stocks do, your best deal depends on what your local dealer has on the lot. Year-end is often when dealers push to move tractors, combines and planters before new model years.

• Plan around your harvest cash. If grain checks are coming in now, financing part of a purchase can keep working capital free for seed, fertilizer and fuel in the spring.

A signal, not a guarantee

These figures describe one session after an earnings report, when moves are often large and can reverse. Options bets may be hedges, and off-exchange volume shows activity, not certainty. Treat this as a signal, not a guarantee, and not investment advice. For context, read our preview of CNH's report and the AGCO contrast and the Deere, CNH and AGCO dark pool post.

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