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Snyder Stock Falls After Downgrade
NEW YORK–The stock of Snyder Communications fell more than seven points on Friday to less than $20 after the company told analysts it expected lower earnings in 2000. The reason: higher costs associated with restructuring into three separate units and investments in infrastructure. The announcement led analysts to downgrade their recommendations on the shares. The Bethesda, Md.-based holding company earlier this year said it planned to issue a tracking stock for its Internet business and spin off Snyder Healthcare Services into an independent, publicly traded company. Among Snyder’s holdings is Arnold Communications in Boston.
Mullen Misses Wenner
DALLAS–New York-based Wenner Media, the publisher of Us, Men’s Journal and Rolling Stone magazines, has hired GSD&M in Austin, Texas, as its agency of record following a review. The estimated $5-10 million account includes a creative repositioning of Us, which will go from a monthly to a weekly, and the launch of NetGuide. Finalists in the review were Mullen in Wenham, Mass., and Carmichael Lynch in Minneapolis.
Furniture.com Inks Ad Deals With MSN, Lycos
BOSTON–Furniture.com has signed online ad agreements with MSN, Microsoft’s network of Web sites, and Lycos as part of a $35 million branding campaign. The alliances will provide the Framingham, Mass.-based retailer with featured positioning and a variety of promotional opportunities. The Donovan Group, Northborough, Mass., and Neil Faber Media, New York, recently launched the company with a $3-5 million ad effort. Furniture.com is in the midst of reviewing a number of unidentified shops for an expanded national effort.
CGN to Upgrade CompUSANet
BOSTON–CompUSANet.com, the online division of computer retailer CompUSA, is working with CGN Marketing & Creative Services, IBM and BroadVision, a supplier of e-business applications, to relaunch a more advanced Web site this fall. Boston-based CGN will create the look and feel of the site while the other two work on the platform and architecture. Mullen, Wenham, Mass., was recently tapped as agency of record for CompUSANet.com.
PHS Selects Cramer-Krasselt
CHICAGO–Physicians Health Services in Trumbull, Conn., has consolidated its ad account at Cramer-Krasselt in Chicago following a review that included several East Coast shops. The HMO, whose business had been dispersed among numerous agencies, has about a million members in New York, New Jersey and Connecticut. Ad spending is believed to be in the low seven figures.
Irma S. Mann Declines Detroit
DETROIT–The Detroit Metropolitan Convention and Visitor’s Bureau is reviewing its $3 million ad account. Incumbent Irma S. Mann, Strategic Marketing, Boston, declined to defend the assignment, said a client official.