Waste Management Draws 62% Puts While Republic Services Draws 95% Calls: What the Hauler Split Means for Fleets (GTA Terminal Data, Nov. 10, 2026)

The two biggest U.S. trash haulers lined up the same way a day earlier. On Tuesday, November 10, they split. According to GTA Terminal data from Global Traders Academy, Waste Management drew put-heavy options money, 62% of premium, while Republic Services drew 95% calls. Both stocks still sit in uptrends near their highs, and both traded lighter than normal off the exchanges. For fleet owners, roll-off operators and contractors who pay tipping fees, the split is worth a closer look.

The November 10 numbers

• Waste Management (WM): 495,053 shares traded off the exchanges, 0.5x its 20-session average and 35.5% of the day's volume, the lightest of its last five sessions (773,742 shares and 45.3% on November 9). In the options scan published with that data, 38% of premium went into calls and 62% into puts, a put-heavy lean. The chart is in an uptrend, above its 50-day and 200-day averages, 4% below its 52-week high, with an RSI of 57. The full table is in the Waste Management November 10 dark-pool check.

• Republic Services (RSG): 317,318 shares off the exchanges, 0.6x normal and 39.7% of volume, down from 850,903 shares on November 5. Calls took 95% of premium and puts 5%. Also in an uptrend, 3% below its 52-week high, with an RSI of 68, near the 70 level many chart readers treat as stretched. See Republic Services' Tuesday off-exchange and options read.

Neither stock shows a live setup in the GTA Proprietary Pattern Model right now, so the read rests on the options split and the trend.

Why the split matters

A put-heavy session in a stock that is near its highs is often a hedge, not a bet on a collapse. Holders who have ridden a long uptrend buy puts to protect gains. Republic's 95% call share points the other way, toward traders positioning for more upside. The quieter dark-pool numbers in both names say large investors were not moving big blocks either way on Tuesday. So this is a difference in mood, not a rush for the exits at one hauler.

For reference, Republic's RSI of 68 means its run is getting extended. A call-heavy session at that level can be the last burst of a move as easily as the start of a new leg. You can follow each name day to day on the Republic Services stock page.

What it means for fleets and contractors

• Disposal and hauling costs: both companies have pricing power, and stocks near highs usually reflect investors expecting that to continue. Plan on landfill and container rates that keep rising rather than easing.

• Roll-off and container operators: independent haulers compete with these two for commercial routes. Upbeat stock prices often go with continued route buying and price increases by the majors, which can open room for smaller operators on service.

• Truck replacement: refuse trucks are expensive and lead times are long. A healthy industry outlook supports financing a replacement truck now instead of nursing an old one through another year of repairs.

Readings like these update every session in GTA's options flow data. For the earlier picture, see our look at WM and Republic lining up bullish on November 9, and the smaller haulers in Casella and GFL dropping while Waste Connections held.

A word of caution

Options flow and dark-pool data are a signal, not a guarantee. One session's put share can reverse the next day, and puts bought as protection say little about where a stock is headed. This article is general business information, not investment advice. Weigh it alongside your own disposal invoices, contract renewals and local route demand.

Financing for refuse and roll-off fleets

Whether you run roll-off trucks, front loaders or a mixed construction fleet, BFC helps operators finance the trucks and containers that keep routes running, with terms built around real cash flow. Apply for refuse and roll-off truck financing with BFC and have funding ready before the next contract comes up for bid.