Ferguson Jumps 11% on Earnings as Watts and Mueller Draw Calls: What It Means for Plumbing and Water Contractors

Plumbing contractors, mechanical subs, water and sewer crews and municipal utility contractors buy from a short list of suppliers. Ferguson is the largest plumbing and waterworks distributor in North America. Watts Water makes valves and flow-control products, Xylem makes pumps and water-treatment equipment, and Mueller Water makes hydrants, valves and pipe-repair products used in city water systems. The GTA Wire covered all four around Ferguson's November 9 earnings report. Here is what GTA Terminal data from Global Traders Academy showed for November 6 through 9, 2026, as tracked by Global Traders Academy's GTA Terminal, and what it means for anyone bidding plumbing and water work.

Ferguson: an 11% jump on earnings, and big money moving

Ferguson reported before the open on Monday, November 9, against estimates of $3.28 a share. The shares rose 11.1% to $259.53 in that session, according to the Wire's story on Ferguson's 11% earnings jump. That was bigger than the roughly 7.1% move the options market had priced in a few days earlier. Off-exchange trading backed it up. On November 9, 1,779,845 shares traded away from the public exchanges, 47.3% of the day's volume. Over the five sessions through November 9, dark-pool volume averaged 925,066 shares a day, 74% more than the five sessions before. In the latest session, 85% of options premium was in calls.

Watts and Mueller: call-leaning, above-normal off-exchange volume

On November 6, 160,559 Watts Water shares traded off the exchanges, 1.4x the 20-session average and 40.0% of volume, and 97% of its options premium was in calls, as shown in what big money did in Watts Water off the exchanges. The chart was softer: below the 50-day average, above the 200-day, with an RSI of 44.

Mueller Water looked similar on flow but stretched on price. On November 6, 598,669 shares traded off the exchanges, 1.3x normal and 34.8% of volume, with 64% of options premium in calls. Its RSI was 72, overbought, while the stock stayed 22% below its 52-week high, per the Mueller Water dark-pool report.

Xylem: calls after a rough stretch

Xylem had a harder few weeks, including a 10.3% drop after its late-October earnings report. In the latest session covered by GTA's November 8 smart-money check on Xylem, the stock fell on heavier volume, yet about $97K of premium went into calls versus $23K into puts, 81% call-side, with a put/call volume ratio of 0.29. The heaviest activity was in April 2027 contracts, 92% calls. Off-exchange volume on November 6 was 876,362 shares, only 0.6x normal and 36.6% of volume against a normal 41.5%, so large blocks were not adding quietly.

What it means for plumbing and water contractors

• Ferguson's jump is a read on your supply house. A distributor beating expectations usually means steady demand across residential, commercial and waterworks orders. Expect suppliers to hold pricing firm rather than discount.

• Municipal water work looks supported. Call-leaning flow at Watts and Mueller fits continued spending on valves, hydrants and pipe repair. Contractors on city and utility jobs should plan for steady bid calendars.

• Xylem is the mixed signal. Long-dated call buying after a drop is a bet on recovery, but light dark-pool volume says big investors were not rushing in. Pump and treatment-equipment lead times may matter more to you than the stock.

• Equip for the work you can win. Vacuum excavators, jetters, pipe-bursting rigs and service vans help crews take on more water and sewer jobs.

For related reading, see our look at HVAC makers and what they mean for mechanical contractors and our report on building products and what they mean for roofers and framers.

A signal, not a guarantee

Options splits come from single scans, several premium totals are small, and none of these four had a live pattern from the GTA Proprietary Pattern Model. Treat this as a signal, not a guarantee. This article is for education and is not investment advice. Figures are from GTA Terminal data, dated as shown.

Grow your water and sewer capacity with BFC

A new jetter truck, vac trailer or mini excavator can open up bigger municipal and commercial jobs. Start a plumbing equipment financing request with BFC and bid the next project ready to work.