Elan (ELN) is the subject of some spread trading today. Shares are up 9 cents to $25.29 and 5,000 of the October 27/October 40 call spreads were sold for $3.40 a contract. It appears to be a bearish spread, perhaps on the view that a significant move above $27.00 between now and October expiration is unlikely. Earnings expected in mid to late-July.