Three Of A Kind

The U.S. government issued a solid retail sales report for April, but that was countered by news that Wal-Mart expects to miss its annual profit forecast and a report showing a drop in consumer confidence, as the stock market closed mostly down for the week. The Dow Jones industrial average was off 2 percent, closing at 10,140.12, while the Nasdaq finished with a slight uptick at 1976.80. The ad-agency holding companies were all down over five days of trading. IPG ended at $12.40, a drop of 4 percent in a week marked by heavy volume on Wednesday (more than 7 million shares), when General Motors said it was shifting its media buying to Publicis Groupe’s Starcom MediaVest. Omnicom and WPP shares fell steadily through the week, with Omnicom ending down 4 percent at $82.54 and WPP, trading as American Depository Receipts on the Nasdaq, finishing at $52.44, down 2 percent.