IPG Takes A 6% Hit | Adweek
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IPG Takes A 6% Hit

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The Dow Jones industrial average lost 104 points last week, or 1 percent, to close Friday at 10,013. The Nasdaq slipped 14 points on the week, or 0.7 percent, to close at 1,904. Industry stocks also closed lower, as U.S. markets were rattled by rising oil prices, the prospect of rising interest rates and the onset of inflation—a triple threat to the economic recovery fueling marketers' renewed commitment to spending. Not helping was the release of U.S. consumer price data (excluding food and energy) which showed a sharper-than-expected rise in April. On the Big Board, IPG, whose Lowe unit lost its bid to retain lead global creative duties on HSBC, saw its stock price decline 6.3 percent to close at $14.31. Omnicom's stock price was down 0.7 percent for the week, closing at $80.15. WPP, trading as American Depository Receipts on the Nasdaq, was down 0.6 percent, ending the week at $47.86 per share.