Onward and Upward

Stocks fly high though report is cautious note

The Dow Jones Industrial Average last week hit a new high for the year as ad industry stocks continued to soar and positive news regarding ad spending for the network upfront spread. Seeking to throw a little cold water on any exuberance, a report by David Doft, an analyst with CIBC World Markets, expressed concern that the record dollar figures are merely being shifted to broadcast from other media. “We believe other media, including print and direct mail, will suffer in 2003 from this shift, but there are reasons for optimism in 2004,” the report said. Omnicom was up 6.3 percent to $69.81 on the Big Board, while IPG rose 5.8 percent to close at $13.75. British holding company WPP, trading as American Depository Receipts on the Nasdaq, jumped 8 percent to end at $41.21. —david kaplan