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ZenithOptimedia became the latest to trim U.S. ad spending projections, seeing '05 growth of 3.8% vs. 4.3% in April and 4.2% in December. It cut a worldwide forecast to 4.7% from 5.4% in April and 5% in December. Zenith believes TV's share of world ad spending peaked in '04 at 37.5%. TV "may now be beginning a long newspaper-like decline," it said.

AdMarket 50

Focus on: Omnicom Group (OMC)

Omnicom crashed from $90 to $41 in mid-2002 amid questions about accounting and disclosure, but Wall Street's favorite agency group has redeemed itself by delivering consistent revenue and profit growth. Merrill Lynch's Lauren Rich Fine said in a July report: "We believe a good part of [Omnicom's] financial success stems from having stellar, in demand, creative agencies that get invited to more pitches, thereby increasing the likelihood of above average wins."

Last week's score

The DJ Wilshire 5000 closed at its highest point since Feb. 2001. The AdMarket 50, despite strong gains last week, is still below its early-year level.

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