AOL Time Warner's announcement of a record charge was barely a glancing blow to the stock (see The Week, P. 10). Publicis Groupe's convertible bond issue dragged the company's stock down, while investors stayed the course after Omnicom Group reaffirmed its estimates for the fourth quarter and earnings growth for 2002.
Advertising Age and Bloomberg's AdMarket 50 index of 50 top publicly traded marketers, agency and media companies for the week ended Jan. 11, 2002, based on stock trading data supplied by Bloomberg financial news service. All comparisons are based on closing prices Jan. 4.
It's official: 2001 was a bad year to be an agency rainmaker. Net account wins through December were less than half of 2000's $10.7 billion, and account losses were up more than 14% from $8.9 billion in 2000. Most of the business came from account consolidations; new business from new accounts was only $123 million in December, 80% below December 2000; last month was the worst monthly total for the year. Excluding dot-com billings, the year's net total of $7.8 billion was 35% below 2000.