Ad Stocks Results Mixed

Reports about consumer confidence and manufacturing slightly boosted trading at the end of the week, but concerns about the Iraq situation largely kept investors at bay. Last week’s upheaval in IPG’s senior management did not negatively affect shares, which rose 4.6 percent to $9.65, after starting the week at $9.23. WPP, in announcing its preliminary financial results for 2002 last week, said its revenue fell about 3 percent to $5.88 billion from 2001. Omnicom’s numbers were more positive, largely due to accounting-rules changes; the company reported its worldwide revenue rose 7.5 percent in 2002 to $2.12 billion, from $1.97 billion in 2001. Omnicom closed the week down 1.9 percent to $52.98, from $54; WPP, trading as ADRs on the Nasdaq, closed the week down 2 percent to $30.67.