Agency holding company Aegis, owner of the Carat network, is recovering after its shares last week tumbled to a 2002 nadir amid speculation it would issue a profits warning.
As panicked investors offloaded the group’s stock, its price fell to the lowest level since December, 80.5p ($1.22; €1.26) – ironically only days after its shares were branded “an attractive acquisition target” by Commerzbank [WAMN: 02-Jul-02].
The plunge prompted Aegis to take the unusual step of issuing a statement to announce it would issue no statements on the matter until its interim results are posted in September. Analyst code meaning: there will be no change to the profit forecasts made in May.
The statement had the desired effect, with Aegis recovering to 87.25p (down 2.25p for the day) and rising to 87.75p early Monday morning.
Data sourced from: MediaGuardian.co.uk; additional content by WARC staff