On the call side, International Paper (NYSE:IP) calls are trading over 7 times their average volume after several investors bet bullishly on the company. Blackboard (NYSE:BBBB) calls are trading at close to 5 times their average volume on news that the company could be acquired soon. Textron (NYSE:TXT) calls are very active today, trading at close to 4 times their normal volume. Arcelor Mittal (NYSE:MT) calls are not far behind, trading at over 3.5 times their average amount. Finally, Ralcorp Holdings (NYSE:RAH) calls close out the list at just over 3 times their normal volume on renewed takeover talks.Taking a look at the put side of the ledger, Amgen (NASDAQ:AMGN) puts are currently trading at just under 7 times their average volume on news that the FDA urged caution for the company’s anemia drugs. Williams Companies (NYSE:WMB) puts are not far behind, trading at close to 5 times their average volume on news that the company issued a proposal to acquire Southern Union Company (NYSE:SUG). EMC Corporation (NYSE:EMC) puts are also very active today, trading at over 5.5 times their average volume. Citrix Systems (NASDAQ:CTXS) puts are also trading at 5 times their average amount on news that the company will cease sales of some of its products. Finally, H&R Block (NYSE:HRB) puts close out the list at just under 5 times the average amount after the company reported falling profits.