Melco Crown Entertainment (MPEL) is down 40 cents to $5.20 and options volume is running 4X the average daily. Oct 5 puts are the most actives, with 5,140 traded, which includes a block of 5000, bought for 80 cents, according to a source on the floor. It might be closing. The put buying in MPEL comes ahead of earnings, expected in mid-August. Implied volatility is steady around 78 percent.