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WPP Report 4/16/00

We bought 12 shares @ $84 on 3/27/00
Cost basis: $1016
Current value: $827
Loss: 18%

WPP has been in talks to acquire Young & Rubicam in an all-stock deal,
according to reports in the Wall Street Journal and the Independent.
Merger talks broke down last week, and Y&R is reportedly "hesitant to
return to the negotiating table."  WPP is still interested, though, and
will consider a hostile bid if their offer of a 40% premium over Y&R's
Friday price (worth about $4 billion) is rejected.

Wall Street apparently didn't like the uncertainty (or perhaps thought
WPP was overpaying?), and cut WPP's stock more than 12% on Friday.  WPP
is either the world's second- or third-largest advertising firm,
depending on whose reports you read.  They were number one five years
ago, but were overtaken as the industry consolidated.  Y&R is said to be
number five, and the combined WPP/Y&R would be number one again.

Brokers' recommendations:

Strong Buy 0
Moderate Buy 4
Hold 4
Moderate Sell 1
Strong Sell 0

Average Recommendation
(Strong Buy) 1.00 - 5.00 (Strong Sell)
This Week 2.67
Last Week 2.44

Three months ago, it was a 2.11, so it seems to be falling from favor
with the analysts and their crystal balls.