Focus Media Attracts Bears Before Earnings

Shares of Focus Media Holdings FMCN are falling today by 2.23% to $15.79, even as the overall market has regained positive ground. The stock is currently stuck between the 50-day and 200-day moving average and is trying to find a trend. It appears that that trend will be lower considering that traders are buying puts in the name. The June $15 strike puts were purchased 2,550 times a short while ago, vastly outpacing the open interest. This comes just days before Focus Media Holdings is scheduled to report earnings (May 20th).