Everything is going to be okay. Just keep repeating that to yourself and take stock in Omnicom’s Q3 report that has the agency upping its worldwide revenue to 6.9%. Yes! Where my dawgs at? I’m going to keep my job. Oh. Ah, but here’s the rub – executives are cautioning it’s going to be a very rough Q1 as we move into 2009. From Forbes:
“Omnicom itself is conserving capital, cutting discretionary spending, delaying hiring where possible and putting off first-quarter salary increases. The company suspended its stock buyback program in August and won’t resume until capital markets stabilize.”
They only odd note from the transcript of the earnings call was when analyst Alexia Quadrani of JPMorgan asked Wren if any big Omnicom clients were in review. He said “Not the I’m aware of.” Well, what about GSD&M client BMW? I guess $155M is a tiny, little, itty-bitty account not worth mentioning.
Okay. Right, right. Let the good times roll.