Focus Media Spikes 20% On Probe Results

Following weeks of bizarre speculation surround loans and regulatory filings, Focus Media (FMCN) confirmed that an internal probe did not find any evidence of improper payments involving advertising firm Everease. The company also filed its annual report and audited financial statements for 2006, which were delayed as a result of the investigation.

As a result, the shares spiked 20% inclusive of after hours follow through. In addition, Citi reiterated a buy recommendation on the stock.

For the uninitiated, Focus Media is the predominant flat-panel display advertiser in China. This is one of my first forays into the Chinese equities market, going back years. I've unloaded some of the stock as it has more than doubled since entry, but as of today, I was still holding enough for the 20% boost to juice my portfolio to new all time highs.

Today's move put my total return at 126% according to the Ameritrade tally. In total, I'm up over 20% since the correction a few weeks back, inclusive of some turkeys I unsuccessfully tested out, in addition to hedges that are declining in value as the market continues upward.