The Olympic games and the presidential election campaign had a marked effect on ad spending in the month of August. Network TV totals skyrocketed due to the games' high ratings, while local TV raked in political advertising dollars. Even business publications saw some improvement, as corporations increased their spending on business-to-business advertising.
Tame Thanksgiving trading: The markets were relatively quiet leading to the Thanksgiving holiday, thanks to light trading. A tame unemployment report balanced a drop in durable goods orders, more weakness on the dollar and an increase in oil prices. For the week, 34 AdMarket stocks were up and 16 were down.
Agency and media shares were mixed, with investors bargain-hunting among recently beaten-down stocks. Reports that Time Warner is nearing a resolution of a federal probe into its accounting helped the stock, and a positive report on Google from Goldman, Sachs & Co. also helped other Internet stocks, such as Yahoo. Viacom rose on news that it will pay $3.5 million to settle several indecency complaints and McDonald Corp.'s stock rose after the appointment of its second CEO this year (see The Week, P. 10).
Advertising Age and Bloomberg's AdMarket 50 index of 50 top publicly traded marketer, agency and media companies for the period ended Wednesday Nov. 24, based on stock trading data supplied by Bloomberg financial news service. All comparisons are vs. closing prices Nov. 19. Full data available on Bloomberg terminals under index BAAX.