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Focus Media(FMCN) is a multi-platform digital media company, operating liquid crystal display network in the People's Republic of China using audiovisual digital displays in commercial and residential locations. This stock is trading up 4.6% at $22.38 in recent trading.
Today's Volume: 3.6 million
Average Volume: 2.2 million
Volume % Change: 192%
Shares of FMCN are spiking notably higher today after the company reported first quarter sales that soared 36.2% to $199.6 million compared to $146.6 million in the same period last year. Net income in the quarter skyrocketed 85% to $37.9 million or 28 cents per share compared to $20.5 million or 15 cents per share a year ago period.
>>5 Stocks Poised for Breakouts
From a technical perspective, FMCN is ripping higher here on
above-average volume. This move is quickly pushing FMCN within range of triggering a major breakout trade. That trade will hit once FMCN can manage take out some near-term overhead resistance at $22.64, and then its 200-day at $24.02 and its 50-day at $24.11 with high-volume.
Traders should look for long-biased trades if FMCN can take out all of those levels with volume that's near or above 2.2 million shares. If we get that action soon, then FMCN can easily hit $26 to $28 in the near future.