Pre-earnings action in Google (GOOG). Shares are down $1.64 to $489.70 on the day (up 4.75 percent on the week) and 125K options traded on the Internet giant. The volume, which is twice the average daily for Google, includes 75K calls and 50K puts. The top trade is a lot of 641 July 440 puts at 40 cents on ISE and looks like an opening buyer, based on ISEE data. The next two largest trades are a July 430 – 450 put spread at 77 cents, 591X on ISE, which also looks like a buyer bracing for a possible move lower. Beyond that, most of the action has been in smaller lots and seems to reflect mixed sentiment. More than three-quarters of the flow is in the front-month and implied volatility is up about 3 percent to 33 ahead of the results, due after the closing bell.