Relative weakness and higher put volume in Focus Media (FMCN) . Shares are off $1.28 to $25.34 and 28,000 puts traded on the Chinese media company, which is more than 7X the day’s call volume and about 16X the expected through midday. The top trade is a 500-lot of Nov 18 puts traded for 75 cents when the market was 65 to 80 cents. 5,074 Nov 18 puts now traded. The contact is 29 percent OTM and expires in 10 days. Nov 20, 21 and 22 puts, as well as the Dec 18 puts, on FMCN are seeing interest as well. Implied volatility in the options on the stock is up 15 percent to 98 and the high volume in short-term downside puts in FMCN seems to reflect some concern about the short-term outlook for the underyling stock. No news on Focus Media yet today. Earnings were last reported on 8/22 and expected again around 11/21, possibly outside the Nov expiration.