Viacom Inc. (NYSE:VIA-B) dropped to its lowest stock price in 52 weeks, as CEO Philippe Dauman announced this week that advertising growth in the second quarter will be down more than expected.
On the domestic side, Dauman said ad sales will grow in the 3 to 4 percent range, similar to last year's performance in the same quarter. The company took a hit on its stock because the original assessment was growth in the 7 percent area, much like they enjoyed in the first quarter.
This of course isn't unexpected, as the major advertising categories like automotive and banking have cut down on their spending as the economy continues to be sluggish.
