Hedges in place on Focus Media
Focus Media is trying to hold its ground, but investors want
optionMONSTER's Depth Charge tracking systems detected the purchase
of more than 13,000 June 19 puts for $0.70 to $0.90. Volume was
more than 16 times open interest in the strike.
FMCN closed unchanged at $21.46 yesterday. The company, which owns
digital advertising screens in mainland China, has reported
better-than-expected results for the last three quarters. But the
stock has been falling and has lost one-quarter of its value in the
last two months as investors shun emerging markets.
Yesterday's put activity followed buying in the shares, which
suggests that the contracts were added as
by investors building a position in the stock. (See our
FMCN's next earnings report is scheduled for after the bell on
Monday, May 28.
Overall option volume was 8 times greater than average in the
session, with puts accounting for 90 percent of the total.
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