New business activity was mixed in June, with wins and losses more evenly spread among holding companies, possibly due to fewer acquisition-related client defections. Thirty-five accounts changed agencies, up 6% from 33 a year ago, and they added up to $1 billion in billings, up 37% from $742 million last year. Grey Global Group got a boost from the win of the Progressive Insurance account, while Omnicom took a hit from the loss of Pfizer's Viagra.
Pricey oil, weak jobs tank stocks: A disappointing June jobs report capped a bruising week in the stock markets, which were hammered early by an oil price surge to $45 a barrel. Most indices dropped to year-long lows and the Dow Jones Industrial average fell below the 10,000 mark by mid-week. Only four AdMarket stocks were up for the week, 46 were down.
Univision Communications soared after it reported record results including doubling its second-quarter net income. Yahoo! was dragged down by a sell-off on technology stocks, while Primedia dropped after posting a sharp drop in net income and Interpublic Group of Cos. was punished after it posted improved second-quarter earnings, but fell short of analysts' expectations. (See story, right).
Advertising Age and Bloomberg's AdMarket 50 index of 50 top publicly traded marketer, agency and media companies for the week ended Aug. 6, based on stock trading data supplied by Bloomberg financial news service. All comparisons are vs. closing prices July 30. Full data available on Bloomberg terminals under index BAAX.