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McDermott International (MDR - option chain) shares have risen over 10 percent in early trading on news that the company plans to split itself into two firms: The Babcock & Wilcox Co., and J. Ray McDermott. Current MDR shareholders will receive one share of each company when the transaction closes in 2010. B&W will manufacture nuclear components and other power generation systems. J. Ray will design, build and install offshore production facilities, pipelines and subsea systems. If you think that the stock won't fall by too much in the coming months, then now could be a good time to look at a bullish hedged trade on MDR.MDR opened this morning at $22.40. So far today the stock has hit a low of $21.88 and a high of $23.05. As of 12:00, MDR is trading at $22.81 up $2.15 (10.4%). The chart for MDR looks bearish.
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