The stock market reacted badly Oct. 12 to news of violence in the Middle East and more disappointing corporate earnings reports at home, and some agency stocks went along for the downward ride. The Dow Jones industrial average lost 379.2 points, a 3.64% drop, to close at 10,034.50, but publicly owned agency companies were less affected. Interpublic Group of Cos., New York, and WPP Group, London, were the only agency holding companies to see their stock rise during Oct. 12th's trading session. WPP American Depository Receipt shares rose $1.88 to $52.13, up 3.73%, while Interpublic stock was up 88 cents to $35.94, a 2.5% increase. Havas Advertising, Paris, and True North Communications, Chicago, were hardest hit, losing 2.28% and 2.88%, respectively. Havas ADRs were down 31 cents to $13.38 and True North shares lost $1 to close at $33.75. Among other public agencies, Cordiant Communications Group, Omnicom Group and Publicis were down only slightly. Cordiant shares lost 1.02%, closing down 19 cents to $18.19; Omnicom lost 0.08%, or 6 cents, to close at $74.06; and Publicis ADRs were down 0.24%, to close down 6 cents at $26.13.
Copyright October 2000, Crain Communications Inc.