Can Dycom's $12.2B backlog keep growth going through fiscal 2027?
The record backlog and raised outlook are matched by a call-leaning options market, though the signals are modest.
Zacks Investment Research · 10/07
Undercurrent · Money-flow snapshot
DY Max Pain, Dark Pool & Options Flow
DY max pain for the Oct 16, 2026 expiry is $290, from the Fri Oct 9 options chain. The last price, $269.23, is 7.2% below it. Call wall $310 · put floor $250.
What the institutional money is doing on DY right now — dark pool, options positioning, and where the news and the money disagree. Free.
The money right now
Dark pool share
43.9% (market avg 52%)
Dark pool volume vs its norm
1.1×
Short share of that
50.8% (norm 52%)
Price
$269.23
Max pain
$290
Oct 16 exp
Call wall
$310
Oct 16 exp
Put floor
$250
Oct 16 exp
Put/Call ratio
0.23
Squeeze pressure
20
Dark pool share: 44% off-exchange — 8pp below the market
Off-exchange prints never touch the public book, so they move size without moving the quote. That is the point of using them. Most of the day cleared on the lit market — either there was nothing to hide, or the large players sat out. Short share of the off-exchange piece: 51% vs a 52% norm.
Source: FINRA · Fri 10/9 close
What it means: The options market leans toward calls, with more call positioning than puts, and off-exchange trading is roughly normal for DY (about 1.15x its usual volume), with short share near its norm. Signals are mild and do not clearly point in one direction.
News vs the money
The next big AI winners may be the companies that employ skilled trades
This is a sector theme with no specific options or dark-pool signal pointing against it.
MarketBeat · 10/07
Dycom shares jump 5.8%, with a GF Score of 92
The options lean is call-heavy, consistent with the price move, and nothing in the money data contradicts it.
GuruFocus · 10/06
Four construction stocks benefit from infrastructure spending
The sector story is broad, and the money signals for DY are mild and call-leaning, so there is no clear conflict.
Zacks Investment Research · 10/01
Why Dycom is considered a top value stock for long-term investors
The value rating is a screen-based view, and the call-leaning options data neither confirms nor refutes it.
Zacks Investment Research · 10/01
See it live, free
Get Undercurrent — the news behind the money →Add DY to My Watchlist in the free SIGNUM HQ app (iPhone · Android) →New to this? Why'd It Move? turns today's move into a 60-second lesson →What is a “divergence”?
A divergence is when the news narrative and the institutional money flow point in opposite directions — a bearish headline while large call premium is bought, or heavy dark-pool selling under a bullish story. It signals the crowd and the desks may disagree.
How to read these numbers
Dark-pool volume — The share of trading executed off-exchange, at wholesalers and dark pools. About half of all US share volume prints there on an ordinary day, so the level by itself says almost nothing. What carries information is the distance from this name’s own recent norm, and whether the off-exchange size ran above its usual.
Off-exchange short share — How much of that off-exchange volume was sold short. The median across all listed names is about 49%, because wholesalers filling retail buy orders sell short and cover later. A reading near half is plumbing, not a bearish vote — compare it to the same name’s own 20-day norm.
Max pain — The price where the most options expire worthless — positioning often gravitates toward it near expiry.
Call wall / Put floor — Strikes with the heaviest call/put open interest — they often act as short-term resistance and support.
Put/Call ratio — Below ~0.7 leans bullish (more calls); above ~1 leans defensive (more puts).
Nearby tickers
Today’s off-exchange leaders → · See all tickers →Today’s rankings — what broke from normal
Learn the numbers