Focus Media (FMCN) adds 57 cents to $22.30 and early trades on the stock, when shares were trading for 21.69 and 2.7% below current levels, was a sweep of 773 Sep 22 calls for $2.25 per contract. 3,330 now traded against 942 in open interest and the market is $2.90 to $3. No news to explain the relative strength in the Chinese media company today. Earnings expected around Aug 20.
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Frederic Ruffy is a well-known trader, writer, and strategist who has spent years educating investors and creating intelligent, insightful, unbiased market observations that are frequently cited by the Wall Street Journal and other financial publications. As senior analyst, Fred provides frequent and regular notes and daily updates for activity of interest.