LOS ANGELES: Congress's failed-bailout of Wall Street spread further gloom across US adland Tuesday, downing the Ad Age/Bloomberg index AdMarket 50 by 6.4% - its biggest percentage fall since the indicator's birth in 2000; and two full percentage points below the reading that followed the 9/11 atrocities.
In PollyAnna mode, AdAge notes that the current Admarket reading – dire though it may be – is 'only' at a two-year low, well above the post-bubble trough of 2002. As is the Dow Jones Industrial Average.
Or to quote Lee Hazlewood's memorable 1968 lyrics: "I've Been Down So Long It Looks Like Up to Me".
In the wake of Monday's plunge, only two AdMarket-listed firms posted gains: newspaper publisher McClatchy Company and radio-station operator Entercom Communications.
American Express led AdMarket's southbound stampede with a 17.6% fall, while other Admarket-listed marketers experienced varying degrees of misadventure …
- Ford Motor Company (down 13.3%)
- General Motors (down 12.8%)
- Intel (down 10.1%)
- Microsoft (down 8.7%)
- Coca-Cola, PepsiCo and Procter & Gamble, (down 3% or less).
While within the media market …
- Comcast (down 13%)
- IAC/InterActiveCorp (down 12.6%)
- McGraw-Hill (down 11.8%)
- Google (down 11.6% to $381, roughly half its $747 alltime high last November).
Nor were the world's three biggest marketing services conglomerates spared …
- WPP Group (down 13.3%)
- Interpublic Group (down 11.4%).
- Omnicom Group (down 6.9%)
Meantime, the chomping sound you hear is the eating of words by BBDO Worldwide
ceo Andrew Robertson
, who last week opined
: "For some other sectors [than auto], the problems will be confined to Wall Street rather than Main Street."
Data sourced from AdAge.com; additional content by WARC staff