The Conference Board's Consumer Confidence Index dropped in October for the third consecutive month. Conference Board economists noted that, while the economic situation is stable, consumers'expectations are subdued due to continuing worry about jobs. Consumers' outlook for the next six months also dropped, which should be a concern to retailers heading into the key holiday sales period and to marketers in general.
Pre-election surge: Stock markets marked the 75th anniversary of the Crash of '29 with a good week. Gross domestic product figures disappointed economists late in the week, but markets held on to gains racked up earlier. Five AdMarket 50 stocks were down, 44 were up and Primedia was unchanged.
Omnicom Group rose 8.5% and WPP Group was up 2.8% after posting third-quarter results (see stories, right). Clear Channel Communications and Viacom also rose on strong results. Grey Global Group fell as investors speculating on WPP's acquisition cashed in their gains and uncertainty around Havas' future weighed on the stock. Procter & Gamble Co. dropped, when investors questioned if it can keep up its growth and profit margins (see The Week, p. 14).
Advertising Age and Bloomberg's AdMarket 50 index of 50 top publicly traded marketer, agency and media companies for the week ended Oct. 29, based on stock trading data supplied by Bloomberg financial news service. All comparisons are vs. closing prices Oct. 22. Full data available on Bloomberg terminals under index BAAX.