最新版 publishing and advertising forecasts01.pdfVIP

中国最大下载资料网 Prudential Equity Group, LLC R e s e a r c h Barlows Buy-Lines January 4, 2005 Industry Commentary Consumer Discretionary Publishing 2005 Publishing And Advertising Forecasts This month we are providing our 2005 industry forecasts for both the Industry Rating: publishing and advertising sectors. In the publishing sector, what we see as Publishing: Neutral probable operating headwinds in part of the advertising market should make Advertising: Favorable meaningful upside from our current estimates unlikely. Combined with valuation levels—which on average are hovering at neither particularly expensive nor enticingly cheap levels—publishing stocks on the whole should not outperform the broader market this year. In the advertising industry, we maintain our Favorable industry outlook despite the lack of “Quadrennial Factors,” and expect the advertising stocks to outpace the performance of the overall market. The expensing of stock options is scheduled to take effect on July 1, 2005. On page 14, we provide a table detailing the impact expensing stock options could have on each company’s earnings for 2004 compared to 2003.