Wednesday, October 7, 2009
Too Late to Play the Advertising Recovery?
The global economic downturn has affected nearly every industry, including advertising. While we think ad spending will remain weak in 2009, we anticipate a rebound in 2010. However, it may be too late for investors to play this rebound, as the stocks of most advertising-related companies have appreciated considerably since the market lows of the past year.
According to TNS Media Intelligence, after falling 4.1% in 2008, U.S. advertising fell another 14.3% in the first half of 2009. With the exception of online advertising, every major category (television, newspapers, radio, magazines, outdoor) posted double-digit declines during this period. While media companies that depend on advertising revenue have taken a big hit during this recession, marketing services conglomerates
Omnicom OMC,
Interpublic Group IPG, and
WPP Group WPPGY have been affected as well. During the first half of 2009, U.S. internal revenue at Omnicom, Interpublic, and WPP declined between 10.1% and 12.3% compared with the overall decline of 14.3% reported by TNS.
While their short-term results are discouraging, we like the marketing conglomerates' competitive positioning. Although most large corporations have internal marketing departments, they still outsource the majority of their marketing needs (ad creation, brand strategy, media buying, public relations, and so on) to specialized agencies because of the complexity and scale of their campaigns. As a result, the large global footprint and broad portfolio of services these firms can offer make it very difficult for smaller rivals to compete for large, integrated marketing campaigns. Additionally, the nature and variety of services performed leads to customer "stickiness," as building relationships with new service providers can be cumbersome. Combined with incremental acquisitions and international exposure, we think marketing services firms will enjoy steady revenue growth over the long run.
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conglomerate [kɔn'glɔmәrit] : v. 聚結
noun
1 [C] (business) a large company formed by joining together different firms:
a media conglomerate
2 [sing.] (written) a number of things or parts that are put together to form a whole
3 [U] (geology) a type of rock made of small stones held together by dried clay
majority [mә'dʒɔriti] : n. 多數, 大半
The majority of people interviewed prefer TV to radio. * The majority was / were in favour of banning smoking.
OPP MINORITY
the silent majority : (美國人口中政治上不公開表態的)沉默的多數, 普通的美國公眾
[usually sing.] the large number of people in a country who think the same as each other, but do not express their views publicly:
It is time the silent majority made their opposition known.
portfolio [pɒ:t'fәuliәu] : n. 皮包, 公文包, 部長職務, 有價證券財產目錄, 藝術代表作選輯
campaign [kæm'pein] : n. [軍]戰役, (政治或商業性)活動, 競選運動 vi. 參加活動, 從事活動, 作戰
1 ~ (against / for sth) a series of planned activities that are intended to achieve a particular social, commercial or political aim:
cumbersome ['kʌmbәsәm] : adj. 討厭的, 麻煩的, 笨重的
incremental [inkri'mentәl] : adj. 增加的
acquisition [ˏækwi'ziʃәn] : n. 獲得, 獲得物
Giant Dust Ring Is Discovered Around Saturn
October 7, 2009
The Spitzer Space Telescope has discovered the biggest but never-before-seen ring around the planet Saturn, NASA's Jet Propulsion Laboratory announced late Tuesday.
The thin array of ice and dust particles lies at the far reaches of the Saturnian system and its orbit is tilted 27 degrees from the planet's main ring plane, the laboratory said.
JPL spokeswoman Whitney Clavin said the ring is very diffuse and doesn't reflect much visible light but the infrared Spitzer telescope was able to detect it.
Although the ring dust is very cold — minus 316 degrees Fahrenheit — it shines with thermal radiation.
No one had looked at its location with an infrared instrument until now, Clavin said.
The bulk of the ring material starts about 3.7 million miles from the planet and extends outward about another 7.4 million miles.
The newly found ring is so huge it would take 1 billion Earths to fill it, JPL said.
Before the discovery Saturn was known to have seven main rings named A through E and several faint unnamed rings.
A paper on the discovery was to be published online Wednesday by the journal Nature.
"This is one supersized ring," said one of the authors, Anne Verbiscer, an astronomer at the University of Virginia in Charlottesville. Her co-authors are Douglas Hamilton of the University of Maryland, College Park, and Michael Skrutskie, also of the University of Virginia.
Saturn's moon Phoebe orbits within the ring and is believed to be the source of the material.
The ring also may answer the riddle of another moon, Iapetus, which has a bright side and a very dark side.
The ring circles in the same direction as Phoebe, while Iapetus, the other rings and most of Saturn's other moons go the opposite way. Scientists think material from the outer ring moves inward and slams into Iapetus.
"Astronomers have long suspected that there is a connection between Saturn's outer moon Phoebe and the dark material on Iapetus," said Hamilton. "This new ring provides convincing evidence of that relationship."
The Spitzer mission, launched in 2003, is managed by JPL in Pasadena. Spitzer is 66 million miles from Earth in orbit around the sun.
particles ['pɑ:tikl] : n. 粒子, 點, 極小量, 微粒, 質點, 小品詞, 語氣
Saturnian [ˏsæ'tә:niәn] : adj. 農神的, 土星的
diffuse [di'fju:z] : v. 散播, 傳播, 漫射, 擴散, (使)慢慢混合 adj. 散開的, 瀰漫的
minus ['mainәs] : adj. 負的, 減的 prep. 減去 n. 負數
Fahrenheit ['færәnhait, 'fɑ:r-] : adj. 華氏溫度計的 n. 華氏溫度計, 華氏溫度計
bulk [bʌlk] : n. 大小, 體積, 大批, 大多數, 散裝 vt. 顯得大, 顯得重要
outward ['autwәd] : adj. 外面的, 外表的, 公開的, 向外的, 外出的 adv. 向外, 在外, 表面上 n.外表
faint [feint] : n. 昏暈, 昏倒 adj. 虛落地, 衰弱的, 軟弱的, 無力的, 微弱的, 暗淡的, 模糊的 vi. 昏暈, 昏倒, 變得微弱, 變得沒氣力
riddle ['ridl] : n. 謎, 謎語, 神秘人物 v. 解謎, 出謎, 迷惑
vt. 解謎, 給...出謎, 篩, 尋根究底地檢驗, 充滿于
IDIOMS
be riddled with sth to be full of sth, especially sth bad or unpleasant:
His body was riddled with cancer. * Her typing was slow and riddled with mistakes. * The woods are riddled with rabbit holes.
Tuesday, October 6, 2009
High Court Weighs Arguments In Dogfighting Case
October 6, 2009
Animal-rights groups and free-speech advocates squared off in a major First Amendment battle Tuesday, as the U.S. Supreme Court prepared to decide whether videos of illegal dogfights are protected speech.
In oral arguments, the Obama administration asked the justices to reinstate the Federal Depiction of Animal Cruelty statute. The 10-year-old law prohibits the sale of videos and other depictions of animal cruelty in jurisdictions where the activities shown are illegal unless they have "serious value."
But Virginia filmmaker Robert Stevens argued in court filings that the law is too broad and violates his constitutional right to free speech. In 2005, Stevens was convicted of producing violent videos of dogfights and sentenced to 37 months in prison, but a federal appeals court found the law unconstitutional and overturned his conviction.
At issue in U.S. v. Stevens is whether animal cruelty should be categorized as expression so reprehensible that it does not deserve First Amendment protection. That hasn't been done since the court's landmark 1982 ruling on child pornography.
During arguments Tuesday, several of the justices indicated that they may agree with Stevens.
"Why not do a simpler thing?" Justice Stephen Breyer asked a lawyer for the government. "Ask Congress to write a statute that actually aims at the frightful things they were trying to prohibit."
Stevens' lawyer, Patricia Millet, said Congress must be careful when restricting an individual's right to free speech, noting lawmakers should use "a scalpel, not a buzz saw."
Representing the government, Deputy Solicitor General Neal Katyal said Congress was careful to exempt hunting, educational, journalistic and other depictions from the law. Katyal urged the court not to wipe away the legislation in its entirety, but to allow courts to decide on a case-by-case basis whether videos are prohibited.
Justice Samuel Alito asked whether the court should focus on the potential prosecution of hunters, "or do we look at what's happening in the real world?"
Congress passed the law in 1999 with an eye toward limiting Internet sales of "crush videos," which show women crushing small animals with their bare feet or while wearing high-heeled shoes, according to Rep. Elton Gallegly (R-CA), who sponsored the anti-cruelty legislation.
"Other crimes often go hand in hand with animal fighting, including illegal gambling, drug trafficking and acts of human violence," Gallegly said in a statement on his Web site. "Virtually every arrest for animal cruelty has also led to additional arrests for at least one of these criminal activities. Moreover, gratuitous cruelty toward animals dehumanizes all of us and is simply wrong."
The case has generated a large amount of interest, in part because of the dogfighting conviction of pro football player Michael Vick in 2007. Vick served nearly two years for running an interstate dogfighting ring from his home in Virginia and was released in May.
Stevens, a pit bull enthusiast, has said he opposes animal cruelty. In court documents, he maintained he did not stage the dogfights and that the videos were intended to be instructional guides for pit bull owners.
He has garnered support from major news organizations and free-speech advocates, who argued that the law could discourage efforts to investigate such activities as seal clubbing or animal testing in the cosmetic and pharmaceutical industries if video or photographic images are obtained.
"Images of bullfighting in Spain, historical footage of cockfighting in Louisiana and documentaries about clubbing seals in Canada all could be prosecuted under the statute," the American Civil Liberties Union stated in a court brief supporting Stephens.
But animal-rights advocates and law enforcement agencies around the country argued that removing the profit motive from "blood sports" is a valuable tool for law enforcement authorities.
"The importance of the law in stopping animal cruelty cannot be overstated," said Sgt. David Hunt of the Franklin County (Ohio) Sheriff's Department. "It's a powerful tool to go after those who profit from illegal animal cruelty and promote criminal behavior."
From NPR staff and wire reports
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Amendment [ә'mendmәnt] : n. 改善, 改正
dogfight ['dɔgfait; (US) dɔ:g-] : n. 混戰, 空戰, 狗咬狗, 纏斗 vi. 在空中纏斗
oral ['ɔ:rәl] : adj. 口頭的 n. 口試
reinstate ['ri:in'steit] : v. 恢復
as sth)
1 to give back a job or position that had been taken away from sb:
He was reinstated in his post.
2 to return sth to its previous position or status:
There have been repeated calls to reinstate the death penalty. * Tennis has now been reinstated as an Olympic sport.
reinstatement noun [U]
depiction *[di'pikʃәn] : n. 描寫, 敘述
cruelty ['kru:әlti] : n. 殘忍, 殘酷
jurisdiction [ˏdʒuәris'dikʃәn] : n. 權限
Juris ['dʒuәris] : n. 法學博士 adj. 權力的, 法律的
diction ['dikʃәn] : n. 措辭, 用語, 言語
convict ['kɔnvikt] : vt. 證明...有罪, 宣告...有罪 n. 罪犯
overturn [ˏәuvә'tә:n] : n. 傾覆, 破滅, 革命 vt. 推翻, 顛倒 vi. 翻倒 n. 翻轉, 毀滅
reprehensible [ˏrepri'hensәbl] : adj. 應斥責的, 應該譴責的
prehensible [pri'hensibl] : adj. 能被抓住的,能被掌握的
frightful ['fraitful] : adj. 可怕的, 非常的
restrict [ris'trikt] : vt. 限制, 約束, 限定
scalpel ['skælpәl] : n. 解剖刀
exempt [ig'zempt] : v. 免除 adj. 被免除的
prosecution [ˏprɔsi'kju:ʃәn] : n. 進行, 經營, 檢舉, 起訴
bare [bєә] : adj. 赤裸的, 無遮蔽的, 空的 vt. 使赤裸, 露出
trafficker ['træfikә] : n. 貿易商, 商人, 干非法勾當者, 行為卑劣者
gratuitous [grә'tju(:)itәs] : adj. 免費的, 無理由的
dehumanize [di:'hju:mәnaiz] : v. 使失掉人性, 使成獸性
interstate [ˏintә(:)'steit] : adj. 州際的
pit [pit] : n.深坑, 深淵, 陷阱, (物體或人體表面上的)凹陷, (英國劇場的)正廳後排﹑正廳後排的觀眾
vt.
窖藏, 使凹下, 去...之核, 使留疤痕, 使競爭
vi.
起凹點, 凹陷
garner ['gɑ:nә] : v. 儲存 [VN] (formal) to obtain or collect sth such as information, support, etc.
cosmetic [kɔz'metik] : n. 化妝品 adj. 化妝用的
pharmaceutical [ˏfɑ:mә'sju:tikәl] : n. 藥物 adj. 製藥(學)上的
cockfighting ['kɔkfaitiŋ] : n. 鬥雞 adj. 鬥雞的
documentary [ˏdɔkju'mentәri] : n. 記錄片 adj. 文件的 紀錄片 記錄片,文獻片
prosecute ['prɔsikju:t] : vt. 實行, 從事, 告發, 起訴 vi. 告發, 起訴, 作檢察官
statute ['stætju:t] : n. 法令, 條例
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