Advertisement

Stocks Slip Amid Concerns

Advertisement

Expectations of poor earnings results to be released this week sent stock prices on the Dow Jones Industrial Average drifting lower by the end of last week, with investors concerned that auto ad spending may shift locally at the expense of national campaigns. "Car makers are talking about enhancing dealers' branding efforts, so the agencies might not see as much demand for creative services for national campaigns," said Michael Russell, an analyst at Morgan Stanley Dean Witter. For the week, WPP, trading as ADRs on the Nasdaq, was down 8 percent to $29.21, from $31.75 last Monday. IPG's stock dipped 5.8 percent to $9.70, after opening at $10.30. Omnicom's stock, the only one of the Big Three ad holding companies to post a gain, rose 1.3 percent to $58.45, from $57.70 last Monday. —david kaplan