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Snyder Stock Falls After Analyst Downgrade
NEW YORK–Snyder Communications’ stock price fell more than seven points on Friday to under $20, after the company told analysts it expects lower earnings in 2000. The reason: higher costs associated with restructuring into three separate units and investments in infrastructure. The news led analysts to downgrade their recommendations on the Bethesda, Md.-based company. Among Snyder’s holdings is Arnold Communications in Boston.
Y&R Adds $110 Mil. in New Billings
NEW YORK–Young & Rubicam Inc. has added $110 million in new business across its advertising, public relations (Burson-Marsteller) and direct marketing (Wunderman Cato Johnson) units in the past month. Ad wins include Internet provider Covad Communications, a $30-35 million account that landed at Y&R in San Francisco, and healthcare Web site Mediconsult.com, a $20 million account now at Y&R in New York. The former grew out of a relationship between Covad and Wunderman in San Francisco; the latter followed a pitch with two undisclosed shops. Below-the-line and public-relations projects from AltaVista, HotJobs.com, Lotus and Sony totaled $50 million.
Bozell Wins $110 Mil. in Tech Business
NEW YORK–Bozell Worldwide has landed its second technology client in a week, gaining the $30 million account of IKON Office Solutions, a provider of copiers, printer systems, computer networking and other office services based in Valley Forge, Pa. “This was a nontraditional pitch in that we really partnered with IKON prior to being awarded the business,” said shop president Tom Bernardin. It was unclear at press time whether there was a review. Earlier last week, Bozell landed the $80 million account of Internet broker Datek Online, besting Grey Advertising and Publicis, both New York. There was no incumbent. Datek will continue to produce online ads in-house, said Rob Bethge, chief marketing officer. AAR/Bob Wolf Partners, New York, handled the pitch.
Sunkist Narrows Field to 4 Agencies
LOS ANGELES–Sunkist Growers, the marketing cooperative of citrus producers, has narrowed a search for its estimated $6-8 million account to incumbent Foote, Cone & Belding and McCann-Erickson, both Los Angeles; Deutsch, Marina del Rey, Calif.; and Bozell Worldwide, New York, sources said. It was unclear whether other agencies remained in the review.
Account Activity
American Greetings has narrowed the search for its estimated $10-20 million online account, Americangreetings.com, sources said. Grey Advertising, New York, and BBDO, San Francisco, will compete in final presentations set for Aug. 9. Doner, Southfield, Mich., remains the lead agency for the non-Internet portion of the business.