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Ad giants get boost after Omnicom's sunny quarter

Oct. 16, 2018 10:36 AM ETWPP plc (WPP) StockWPP, IPG, OMC, VIVHY, PUBGYBy: Jason Aycock, SA News Editor2 Comments
  • Major advertising holding companies that have been struggling of late are all higher today in sympathy with Omnicom (OMC +6.4%), which beat profit expectations with the help of organic growth (particularly including a tick up in the United States).
  • WPP is up 2.4%; Interpublic Group (NYSE:IPG) is up 2.3%; and Publicis Groupe ADRs (OTCQX:PUBGY) are up 3.8%. Havas owner Vivendi (OTCPK:VIVHY) is up 2.2% in U.S. trading today.
  • Profits grew 13.5% to just under $299M.
  • Omnicom's beat comes even alongside a transformative period at the company, where it shed jobs and sold businesses as it worked to pivot more toward digital marketing in a bid to better take on Google and Facebook.
  • In its earnings call, the company said it's cut 7,000 from the workforce and is speeding up some other planned cost-cutting and real estate consolidation.
  • Previously: Post-earnings rally for Omnicom (Oct. 16 2018)
  • Previously: Omnicom beats by $0.11, beats on revenue (Oct. 16 2018)

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