Focus Media Warning Was Priced In

Via Reuters on Focus Media (FMCN):

* Announces revised guidance for mobile advertising business
* Sees FY 2008 revenue $860 million to $890 million
* Reuters Estimates FY 2008 revenue view $909.40 million
* Says expects FY revenue for wireless business will be significantly lower than previously announced guidance of $54.0 million to $55.8 million
* Sees revenue from mobile handset business in 2008 to be between $14.0 million to $15.8 million

Notablecalls: While Briefing.com Trader is calling for recent lows ($29.25), I respectfully disagree. Piper Jaffray was out neg on FMCN yesterday saying CHL had stopped the company's wireless services (6% of revs). The stock was down close to 7%.

So, today's warning is pretty much priced in already. Saw some conviction buyers around $30.50. Should represent the floor. Fwiw.

Not sure you can get fills around there, though.

Comments

[chance]

Will someone like Piper (of course not someone Piper knows) see remarkable speculative revenues (after the stock tanks) due to Olympics advertising? Hmmm, I am so curious what will happen here. WWCS (What Would Cramer Say?)

[CevicheFundPartners LP]

Piper was out pumping CROX when it was at 60. Not taking their ideas seriously unless I am my 4th or 5th gin and tonic...sorry