Newspaper Advertising Up in Q1
Newspaper ad spending rose 1.8 percent in the first quarter to $9.9 billion, according to the Newspaper Association of America. Retail spending was up 2.5 percent to $4.7 billion, national ads rose 3.7 percent to $1.8 billion, and classifieds fell 0.2 percent to $3.5 billion.
Brokerage Downgrades IPG
Smith Barney last week downgraded Interpublic Group to in-line from outperform, based "strictly on valuation." The brokerage said IPG is valued at a 14 percent market premium; since mid-March, IPG's stock has moved near Smith Barney's $15 price target, with the brokerage saying it believes a turnaround could take time.