WPP: shares slide after Ford-induced gains.
(CercleFinance.com) - WPP shares slid on Wednesday, as investors took profit from yesterday's gains, after the British advertising company said it had managed to keep Ford, its biggest client.
In a press release issued during trading on Tuesday, the group led by chief executive Sir Martin Sorrell said Ford notified its intention to enter into a further agreement "for a period to be agreed in 2018."
"This is unquestionably a relief, as Ford makes up high single digit of WPP's revenues," a broker commented this morning.
After rising 2.6% on this news yesterday, WPP shares are consolidating a bit on Wednesday morning, currently down 0.7% at 1,292 pence, receding under the 1,300 pence mark.
Copyright (c) 2017 CercleFinance.com. All rights reserved.
In a press release issued during trading on Tuesday, the group led by chief executive Sir Martin Sorrell said Ford notified its intention to enter into a further agreement "for a period to be agreed in 2018."
"This is unquestionably a relief, as Ford makes up high single digit of WPP's revenues," a broker commented this morning.
After rising 2.6% on this news yesterday, WPP shares are consolidating a bit on Wednesday morning, currently down 0.7% at 1,292 pence, receding under the 1,300 pence mark.
Copyright (c) 2017 CercleFinance.com. All rights reserved.