9.66%QQQQ 30.60 8.96%XLF 15.45 10.85%
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NEW YORK - Focus Media Holding Ltd., an advertising network operator based in China, said Wednesday its board approved spending up to $100 million to repurchase shares of its common stock over the next 12 months.
| FMCN | 18.98 |  -3 |
The company currently has about 128.1 million outstanding shares.
A Goldman Sachs analyst said the repurchase program could help Focus' long-suffering stock price because it would show the company is responsive to investors' concerns, and additional demand for shares may prompt a higher stock price. The buyback would also trim the company's interest income and boost its earnings per share by 2 percent to 3 percent, the analyst said.
Shares rose $1.22, or 5 percent, to $25.70 in morning trading.
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