Why Priceline dropped so much? Looking for huge power play.

Price line dropped over $50 so far. Why did it drop so much? Institutions are selling PCLN shares. Why do you ask? They are selling PCLN shares because the company is due to report earnings on 11/7/2013 . After Close When earnings are announced this stock can move over $50 - $100 in one day. My play on this will be a long strangle. I will buy an out of the money put and out of the money call. High premiums will be placed on all PCLN options before earnings reports are announced because the MM know that volatility will increase and price will move with a lot momentum up or down.
I will buy my call and put options this week (10/21/2013) before high volatility premiums are priced in before earnings announcement to be safe.