Wall Street is still concerned about corporate earnings since many companies are beating expectations only because they set the bar as low as possible in 2001. Walt Disney Co. was up, despite posting a 5% drop in fourth-quarter revenue and 39% drop in operating income; analysts noted that wasn't as bad as had been expected. Cordiant Communications Group took a beating after losing a major piece of top client Hyundai. (See related stories, P. 3.) AOLTime Warneralso took a hit, after it announced a wider-than-expected loss in the fourth quarter.
Advertising Age and Bloomberg's AdMarket 50 index of 50 top publicly traded marketers, agency and media companies for the week ended Feb. 1 2002, based on stock trading data supplied by Bloomberg financial news service. All comparisons are based on closing prices Jan. 25.
Consumers aren't waiting for more indicators to declare a recovery. The consumer confidence index rose in January for the second month in a row, with expectations at their highest level in a year.