EmptyWALL STREET WOES
Shares of CBS dropped another 8% on Monday to $6.11 after Wunderlich Securities analyst Martin Pyykkonen downgraded the stock to "neutral," citing a rapidly weakening advertising market. The analyst cut his view of Viacom to "neutral" as well, and that stock fell 7% to $17.10. … Shares of DreamWorks Animation fell 5% on Monday to $23.85 after UBS analyst Michael Morris reduced his DVD sales expectations amid softening consumer demand. Morris also slashed his 12-month price target on the stock from $29 to $24 and removed his short-term "buy" recommendation.
PepsiCo has moved the high-profile advertising duties for Pepsi and Diet Pepsi to TBWA/ Chiat/Day, an agency owned by Omnicom Group. PepsiCo's decision is a setback for a second Omnicom agency, BBDO, which had handled the creative advertising work for Pepsi and Diet Pepsi for more than four decades. During that time, BBDO created some of the industry's most recognized work for PepsiCo, including ads featuring Michael Jackson, Ray Charles and Britney Spears.
Shares of TiVo rose 3% on Monday to $6.01 after the DVR pioneer said that it is teaming with Domino's Pizza to allow subscribers to order pizza for delivery or pickup from their TV sets by clicking "I want it" on their remote controls. Broadband- connected TiVo subscribers will be able to enter their delivery address and select crust type and toppings through the TV, TiVo said.