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APRIL 26, 1989
AP LaserPhoto
Feeling lucky: Penny Matangos posts a new Pennsylvani a Lot-
tery sign at her husband's Hamsburg, Pa , store, the Super 7
Jackpot Lottery payout reoched $100 million from $83 million on
Tuesday The drawing is tonight
Stock market prices
AP Business Writer
NEW YORK (AP) — Stock prices slumped Tuesday as t rader s
pulled profit s from an unenthusiasti c market and oil and technology
company earnings declined. 7
The Dow Jones average oi 30 industrial s fell 15.77 point s t o
2,386.91, t he second st rai ght decline after a four-week rise t hat
pushed the market to post-crash highs.
Declining issues out numbere d advances by about 8 to 7 in na-
tionwide t radi ng of New York Stock Exchange-liste d stocks, wit h
687 up, 827 down and 471 unchanged.
Volume on the floor of the Big Boar d totaled 165.43 million
shares, up from 142.10 million in the previous session. Nationwide,
consolidated volume in NYSE-listed issues, including trades in those
stocks on regional exchanges and in the over-the-counter market,
totaled 196.49 million shares.
Anal yst s cited a tepi d environment with trader s lacking convic-
tion in the recentl y rising market. They said the gains were achieved
in fits and st art s, not in a solid atmosphere, and the selloffs thi s
week reflected t hat weakness.
"I t's like being a 100-yard dash runner in a marat hon," said Den-
nis E. Jar r et t, a technical analyst with Kidder, Peabody & Co. "You
last a little bit then you have to rest."
Anal yst s said many investor s felt it was time to sell into the mar-
ket, considering the Dow Jones average's rise of more t han 150
point s in the last mont h and uncert ai nt y on the economy and inter-
est rates.
"I t was a little excuse to take some profits," said Robert O'Toole,
manager of over-the-counte r t radi ng at Shearson Lehman Hut t on
Wall Street opened with a first-hour flurry after a government
report t hat showed durabl e goods orders rising 0.8 percent in March
and a resilient Tokyo market t hat leaped despit e Prime Minister
Noboru Takeshita's resignation announcement.
But confidence soon sagged, analyst s said, and steady selling oc-
curred as it did Monday, when the Dow Jones lost 6.78 point s but
remained above 2,400.
Tuesday's weakness was great es t in oil, technology and airline
Newspaper classified-ad growth slows
The Woll Street Journc!
NEW YORK - Newspaper
cl assi fi ed-advert i si n g growt h.
the only source of robust in-
dust r y ad-revenue growt h in re-
cent years, is slowing
Full-run classified advertising
fell by 2 percent during the first
two months of thi s year com-
pared with the same period last
year, according to LNA Media
Records, which measures in-
dust r y advertising
While a trend isn't yet clear,
the implications of any slowing
in classified are large Classified
has been the engine driving daily
and Sunday newpaper revenue
growt h in recent years, cush-
ioning newspaper s against the
slowing gTOWth rates of their
two other major categories of
advertising, retail and national.
Overall, the growt h in spen-
ding on all dail y and Sunday
newspaper advertising will be
steady at about 6 percent thi s
year, for a total of about $31.2
billion, according to the News-
paper Advertising Bureau. That
is $5 billion more than is spent
annuall y on television advertis-
But publisher s have seen dis-
quieting sluggishnes s in the past
year in the retail-advertising
category I which includes finan-
cial advert i si ng!, which ac-
counted for $15.84 billion in
spending in 1988, according to
ihe bureau's estimates. Retail-ad
spending growt h last year was 4
percent, down from 6.5 percent
the previous year. National
advertising, which accounted for
$3.59 billion last year, grew only
2.6 percent in 1988, compared
with the year-earlier 3.5 percent,
according to the bureau's data.
Classified advertising has seen
double-digi t growt h for the pas t
t hree years. But newspape r
publisher s have been nervousl y
watching their classified sales,
which are especiall y susceptibl e
to inflationar y pressures in the
a ut omot i v e and r eal - es t at e
categories. At the same time,
newspapers' dominant shar e of
all classified advertising is under
aggressive challenge from week-
ly and free shopper' papers.
from all-advertising periodical s
and from cable television.
Among pr i nt compet i t or s,
weeklies and shopper s have been
consolidating to form larger
V»S1 mu d moM active .l,.'k«
Sol*» High L« * O O S. Chg
VMR H2li h i . f 1! . ,-..•,
\I JPVi . _"_ ,?4 | T 4L". j: . <:
Hc vl l i
groups. In addition, advertis-
ing-only publications — which do
most of thei r business in real-
e s t a t e a n d a u t o m o t i v e
classifieds — are being snatched
up by larger firms looking to
take ad revenue from newspa-
Newspaper s "t end to have feet
of clay" in responding to en-
croachment s on classified, which
"t hey regar d as thei r territory,"
said Graham J.S. Wilson, an ex-
ecut i ve di r ect o r of Uni t e d
Newpaper s PLC. United News-
papers publishes big paper s such
as the Daily and Sunday Ex-
press in Britain, and also is t hat
country's largest publisher of
all-advertising periodicals.
United Newspaper s has begun
acquiring such publications in
the United States. Earlier thi s
month, it paid $8.7 million for
Want Ad Press Inc., a New
Jersey publisher of periodical s
with automotive and general -
merchandise classifieds. United
Newspaper s owns 14 such titles
in the United States, mostl y in
the West and in Florida, "and
now we're coming up the Eas t
Coast," Wilson said.
Classified advertising is no
longer the exclusive franchise of
daily newspapers, said Eri c
Ande r s on, t he Ne ws p a p e r
Advertising Bureau's senior vice
president for classified. For
every dollar being spent in daily
and Sunday newspaper classified
advertising, 38 cent s is being
spent by the same advertiser s in
other media (not including the
Yellow Pagesl, according t o
bureau statistics.
The number is growing, said
the bureau, which is working on
programs to help newspaper s
define and combat the increas-
ingly bold competition.
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• Among the most active issues, Citizens and Southern plunged 46/s
,to 29% as 2.5 million shares changed hands. The decline followed
NCNB's withdrawal of its buyout offer for the Atlanta bank.
Cray Research plummeted 6'/« to 49. The world's biggest super-'
computer maker reported a 94 percent drop in first-quarter profits;
and forecast significantl y lower second-quarter earnings as well.
The announcement spurred fluctuations in other technology
stocks. Hewlett Packard lost l'/s t o 557/s; Digital Equi pment dipped
Vs t o 957/a; Control data fell 1 t o 19y2. IBM was up 1 to lUVt after
announcing a 10 percent increase in it s dividend.
Oil stocks were lower across the board on industry-wide earnings
well below expecations. Chevron was the biggest loser, dropping 1 Vt
t o 54, after reporting a 52 percent earnings slide. Mobil fell 13/B to
50; Occidental Petroleum lost Vi t o 27'/s; Atlanti c Richfield was off
1 Vi to 93V«; Exxon lost Vs t o 44. ?l
Burger King chain
fires ad agency
The Woll Street Journal
After 18 t urbul ent mont hs of
mu d d l e d a d v e r t i s i n g a n d
management changes, Burger
King fired ad agency NW Ayer
from t he national portion of it s
$150 million account.
The fast-food chai n —.whi ch
two weeks ago brought in yet
another market i ng head — says
it has asked three ad agencies t o
compet e for its business: D'Arcy
Masius Benton & Bowles and
Saatchi & Saatchi Advertising,
bot h in New York; and the
Chicago office of WPP Group's
J. Walter Thompson Co. I t says
Ayer will retai n Burger King's
regional advertising busines s for
now, although Ayer's gr as p on
t hat portion appear s tenuous.
The enormous blow to Ayer,
which count ed Burge r Ki ng
among it s larges t clients, was
softened somewhat by a big win
Friday: C.R. Eggs, a st art -up
t ha t is i nt r oduci n g a new
cholesterol-reducing egg. C.R.
Eggs claims it will spend as
much as $90 million a year on
advertising, but some i ndust r y
executives questioned whet her
the company will have the
resources to spend t hat much on
its advertising.
In any case, Burger King's fir-
ing of Ayer spells almost certai n
deat h for Ayer's "We do it like
you do it" campaign, which
6 ft We want to
start fresh. It's a
new Burger King
and we want to
start with a clean
sheet. % y
Louis T. Hogopian
somewhat implausibl y compared
Burger King t o your very own
home barbecue. That campaign
was widely panned, and Burger
King has recentl y scrapped it in
favor of price promotions as it
desperatel y at t empt s t o tread
water as the No. 2 chai n after
A Burger King spokeswoma n
says the agency decided t o drop
Ayer because, wit h new chief ex-
ecutive officer Barr y Gi bbons
and new executive vice president
of market i ng Gar y Langstaf f in
place, "we want t o st ar t fresh.
I t's a new Burger Ki ng and we
want t o st ar t wit h a clean
sheet." Loui s T. Hagopi an,
chairman and chief executive of-
ficer of Ayer, says Langstaf f
told him t hat "t here's too much
negative baggage" associated
with Ayer.
Courtesy Shearson LehmarvHut t on. Inc.
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