McDermott International (MDR, news, chart, volatility) is seeing bullish order flow for a second time. Thursday, shares fell to 3 years lows after the Houston, TX construction company posted earnings that fell short of expectations. More than 16,000 MDR calls traded on the day. The January 15s saw the most action. 5,500 traded, with more than two-thirds traded on the offer. Open interest increased by 4,600. Today, the December 10 and 12.5s are the most actives on ratio spread trading. According to exchange floor contact, a player bought this ratio spread 3,000 times for .15 cents. That is, the 10s were bought 3,000 times and 6,000 of the 12.5s were sold to create a trade with a very bullish risk graph. MDR is down 22 cents to $10.17.