Omnicom Group suffered its biggest decline in nine years after posting sluggish results, renewing concerns that the ad giant can weather media disruption spurred by the likes of Google and Facebook.
The stock closed Tuesday at $70.69, down nearly 9.5 percent from Monday's close after the New York-based company posted weaker-than-expected revenue growth of 2 percent in the second quarter. Goldman Sachs Group described the revenue slump as the worst growth in North America since the recession, helping send the shares on their sharpest intraday plunge since March 2009.
Many ad clients are shifting their spending toward online media, an area where Silicon Valley giants have an edge. That's expected to make it harder for traditional advertising agencies to maintain growth and earnings.