Sharewatch: WPP Falls After Mixed Guidance
WPP was seen in focus yesterday after Lehman Brothers retained its equal weight rating and Morgan Stanley raised its rating on the stock to equal-weight from underweight.
The conflicting reports reflect the continued uncertainty over the rate of recovery in the European ad market. Traders appeared to take the bearish view and WPP‘s stock was seen down 1.08%.
Cordiant was also in focus following reports that it is to sell some of its biggest assets after admitting it sees little prospect of revenue growth in 2003 (see Market Downturn Takes Toll On Cordiant). The stock was stable at 27.5p.
Reuters extended its losses, down 2.58% on the back of reports that rating agencies have warned of a possible cut in the group’s credit rating.
The closing prices of media company shares on Wednesday were:
