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McDermott halted after huge drop; reportedly hires turnaround firm

|About: McDermott International, Inc. (MDR)|By:, SA News Editor

Trading in McDermott International (MDR -49%) has been halted for the past hour with news pending, after the stock amassed losses totaling nearly 50% on heavy volume.

Prior to the halt, speculation was swirling that MDR had hired turnaround firm Alix Partners, according to

MDR Oct. 4 puts reportedly were seeing notable activity, with 5,440 contracts trading vs. open interest of 2,680, pushing implied volume up to ~15%.

MDR was the NYSE's biggest loser and headed for the biggest one-day decline since the company went public in 1982 before the trading halt.

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