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NEW YORK Digitas saw its stock plunge after a research report said it was at risk of losing a big chunk of its key American Express account, although the client downplayed the study.
WR Hambrecht analyst Denise Garcia said in a research note Thursday morning that AmEx, which accounted for 26 percent of Digitas’ 2005 revenue, is considering moving its commercial credit card business from the Boston-based agency. Garcia pegged that portion, which includes digital and direct work, as representing 30-60 percent of the account, or $25-60 million.
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