There is light at the end of the tunnel for industry professionals. Agency employment may be sagging and job security in marketing departments may be at an all-time low, but the improving economy is helping out in one area. Morale among agency employees and marketing professionals at client companies is on the rise.
Dog Days for Stocks: Stocks ended the week mixed after several days of sluggish trading as investors await the Aug. 12 meeting of the Federal Reserve Board and another possible interest rate cut to stimulate the budding recovery. McDonald's Corp. helped blue chips move higher later in the week after it announced a third straight month of higher sales.
Direct agency Digitas advanced after it moved to sell 20 million shares owned by founder Michael Bronner and investment group Hellman & Friedman. Univision Communications surged after reporting an 88% increase in second-quarter net income in spite of a 1% drop in revenue the company blamed on comparisons to last year's World Cup. On the down side, Yahoo!'s agency switch did not impress investors and Catalina Marketing dropped on news of shareholder class action suits.
Advertising Age and Bloomberg's AdMarket 50 index of 50 top publicly traded marketer, agency and media companies for the week ended Aug. 8, based on stock trading data supplied by Bloomberg financial news service. All comparisons are vs. closing prices Aug. 1. Full data available on Bloomberg terminals under index BAAX.