Heavy trading in Focus Media (FMCN) is being attributed to a negative Muddy Waters research report (unconfirmed). Shares are down $7.40 to $18.10 and today’s options volume, of 75K puts and 24K calls, is 5X the daily average for the Chinese media company. Jan 25, Dec 17, Dec 20 and Jan 12.5 puts are seeing heavy trading at the offer. April 30 calls are the most actives. 10.7K traded. Meanwhile, implied volatility in FMCN optoins jumped 50 percent and is elevated at 133.5.