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Never Mind the Earnings, WPP Sees Stock Rise

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Sir Martin Sorrell must be smiling in light of a MarketWatch report that states in London, WPP’s shares have advanced 3.9% ahead of its earnings call, in turn spurring Deutsche Bank to upgrade the umbrella company’s status from hold to buy.

A broker tells the trade, “Even if revenues remain under pressure, a radically leaner cost base means management can now paint a more positive view on margin prospects for next year.” Guess the leaner and meaner WPP explains Sorrell’s job cut forecast this year.

Update: What goes up must come down we suppose because even though WPP has seen its stock rise, Sorrell’s company has also watched profits plummet by 47% in the first half of ’09 according to the Guardian. July results though have been “less worse” according to WPP so don’t put away those party hats and streamers just yet.

More: “If You Work at WPP, Say Bye Bye to the Next 5 Years

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