Reinsurance company XL Capital (XL) is trading up 18 cents to $21.11 and options order flow on the stock is bullish today, even after the company reported earnings that fell short of Street estimates. Fro the quarter, the company said it earned 28 cents per share and 7 cents below expectations. Shares, which lost 8.2 percent in the three days leading up to the report, ticked higher Wednesday morning. Meanwhile, options volume in XL is 5,800 calls and 360 puts. Nov 23 calls, which expire in 16 days and are 8.6 percent OTM, are the most actives. 3,320 traded (59 percent Ask) against 1,407 in open interest. Looks like opening buyers of Nov 22 calls as well. Implied volatility in the options on XL Capital is down 8 percent to 45.