It's two steps forward, one step back for consumer confidence. After a surge in March, the consumer confidence index dropped again in April. Consumers had mixed feelings: downbeat about their current situation but still upbeat about a recovery later this year.
Lower jobs, lower markets: Another disappointing employment report deflated the markets May 3 as the U.S. Department of Labor announced unemployment hit 6% in March. Coupled with the continued flow of anemic earnings reports, that was enough to set the markets back. For the week, 19 AdMarket stocks were up, 30 were down and Pfizer was unchanged.
Media and agency companies continued to bring up the rear of the recovery. Most agency companies were down, except for Grey Global Group and Cordiant Communications Group, both of which are seen as possible takeover targets. Wall Street was not impressed by earnings reports from Interpublic Group of Cos. (see story, P. 4) and punished Sapient for missing first-quarter estimates and warning second quarter losses will grow.
Advertising Age and Bloomberg's AdMarket 50 index of 50 top publicly traded marketers, agency and media companies for the week ended May 3, based on stock trading data supplied by Bloomberg financial news service. All comparisons are based on closing prices April 26.