Ctrip.com (CTRP), the Shanghai, China travel services company, is down $5 to $33.07 and impled volatility is higher on reports Chinese airlines have cut the commissions paid to travel agents. The news was apparently reported on yicai.com. CTRP was tripped up on the news and options volume is 4X the average daily, with about 12K puts and 5000 calls traded. The action includes the well-timed purchase of 1532 July 37 puts at $1.60. It traded early before the stock started selling off (printed late). Meanwhile, implied volatility is rallying about 15 percent to 70.