Options Action: China's Ad Stock Frenzy

Focus Media is seeing some heavy options trading as its stock spikes more than 20 percent Wednesday afternoon.

Shares in the company, which operates an outdoor advertising network in China, were trading as low as $6.62 just Friday — but have gone as high as $9.18 today.

FMCN options have traded more than four times their 20-day average, according to OptionMonster's proprietary tracking systems.

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The most active strike is the December 10 calls with buyers paying $0.45-$0.55 and $0.60 for the options, which expire in just six days. The January 10-12.50 call spread is trading $0.50-$0.60 and does buy some time for the stock to perform even further to the upside.

Other Outdoor Advertisers:

Lamar Advertising

Clear Channel Outdoor


Jon 'DRJ' Najarian is a professional investor, CNBC contributor, and cofounder of OptionMonster.