Amazon Gets Some Blame in Ad Industry's 24-Hour, $5 Billion Rout
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The world’s biggest advertising companies have lost more than $5 billion of their market value in 24 hours and Amazon.com Inc. is getting some of the blame.
The market rout began Wednesday around midday in New York and spread around the globe after Paris-based Publicis Groupe SA said fourth-quarter sales fell unexpectedly because of a decline in business with consumer goods brands in the U.S. Publicis shares lost as much as 15 percent, their biggest intraday drop since the Sept. 11, 2001 terrorist attacks in the U.S.