- Event to Take Place November 20, 2003 in New York -
NEW YORK, Nov. 18 /PRNewswire-FirstCall/ -- U.S. Bancorp Piper Jaffray
(Piper Jaffray) Senior Internet Media and Marketing Analyst Safa Rashtchy
expects online advertising expenditures to exceed $8 billion next year for the
first time since the dot-com crash. To examine the trends facing the industry
today, Rashtchy is holding the first annual Piper Jaffray Online Advertising
Symposium on November 20, 2003, at the W New York Hotel.
Industry leaders, key companies and industry associations will gather to
discuss the growth rate of online advertising and recent survey data on online
behavior and advertising. Company participants include: Yahoo! Inc. (YHOO,
Strong Buy, $40.36, #>=), Havas Group's Euro RSCG Circle.com, Universal
McCann, MSN (MSFT, Outperform, $25.15, #>=), New York Times Online (NYT, not
rated, $47.19), Unilever (UN, not rated, $59.30), (UL, not rated, $34.87),
Kraft Foods Inc. (KFT, not rated, 31.20, #), DoubleClick (DCLK, Market
Perform, $8.03, #>), 24/7 Media (TFSM, not rated, $1.40), aQuantive Inc.
(AQNT, not rated, $9.77), iVillage Inc. (IVIL, not rated, $2.78), ValueClick,
Inc. (VCLK, not rated, $7.35), among others.
The day-long event will be comprised of four panels, two special updates
and a keynote address by Rex Briggs of Marketing Evolution. Briggs will
discuss the results of his innovative Cross Media Study on the optimum media
allocations for various advertising campaigns. In the first special update,
Nick Nyhan, chief executive officer of Dynamic Logic, will discuss how to
prove that online advertising works. The second special update will feature
Columbia University Senior Research Fellow John Carey and Executive Director
of the Online Publishers Association Michael Zimbalist presenting the results
of a brand new ethnographic study of Web users documenting how consumers are
using the Web in homes and offices across the country and forming specific
habits around it. The four panels included on the agenda are outlined below:
Panel I. Interactive Agencies, Technologies and Services
Representative firms include DoubleClick, Aquantive,
Eyeblaster, ValueClick and 24/7 Media. This discussion will
focus on what these companies can do to further facilitate
adoption of online medium, making it easier, less expensive,
and more effective; what trends they see in the industry; what
technologies are in demand?
Panel II. Advertiser Perspective
Participants include heads of marketing representing firms such
as Kraft and Unilever.
Panel III. Advertising Agencies
Representatives from the major multi-national advertising and
marketing groups will provide their perspectives on allocation
of advertising dollars to online.
Panel IV. Online Publishers
Representative companies include Yahoo!, MSN, New York Times
Online and iVillage. Panelists will examine how they interact
with both agencies and advertisers; how do they respond to the
demands and issues raised by advertisers and agencies; what are
the critical issues in managing their inventory and content?
Members of the media interested in attending the Piper Jaffray Online
Advertising Symposium should contact Dana Wade at firstname.lastname@example.org or
415-277-1556. Piper Jaffray clients should contact their account executive to
register for the event.
About U.S. Bancorp Piper Jaffray:
U.S. Bancorp Piper Jaffray, a subsidiary of the consolidated group of U.S.
Bancorp (NYSE: USB), is a focused securities firm comprised of two revenue-
generating segments: Capital Markets and Private Client Services. Clients of
both segments are supported by Investment Research. The firm provides a full
range of investment products and services to individuals, institutions and
businesses. The firm has over 126 offices in 25 states across the country.
U.S. Bancorp offers a comprehensive range of financial solutions through U.S.
Bank, U.S. Bancorp Asset Management, U.S. Bancorp Investments and U.S. Bancorp
Piper Jaffray. For more information on U.S. Bancorp Piper Jaffray, visit
The following disclosures apply to stocks mentioned in this report if and
as indicated: (#) U.S. Bancorp Piper Jaffray (USBPJ) was making a market in
the Company's securities at the time this research report was published. USBPJ
may buy and sell the Company's securities on a principal basis. (^) A USBPJ
analyst who follows this Company or a member of the analyst's household has a
financial interest (a long equity position) in the Company's securities. (@)
Within the past 12 months, USBPJ was a managing underwriter of an offering of,
or dealer manager of a tender offer for, the Company's securities or the
securities of an affiliate. (>) USBPJ has either received compensation for
investment banking services from the Company within the past 12 months or
expects to receive or intends to seek compensation within the next three
months for investment banking services. (~) A USBPJ analyst who follows this
Company, a member of the analyst's household, a USBPJ officer, director, or
other USBPJ employee is a director and/or officer of the Company. (+) USBPJ
and its affiliates, in aggregate, beneficially own 1% or more of a class of
common equity securities of the subject Company. (=) One or more affiliates of
U.S. Bancorp, the ultimate parent company of USBPJ, provided commercial
banking services (including, without limitation, loans) to the Company at the
time this research report was published. (*) A registration statement relating
to these securities has been filed with the Securities and Exchange Commission
but has not yet become effective. These securities may not be sold nor may
offers to buy be accepted prior to the time the registration statement becomes
effective. This communication shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of these
securities in any state in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the securities laws of
any such state. ** These companies have conducted initial public offerings of
their securities and are currently in the "Quiet Period." As a result, there
is no research available on these companies. This communication shall not
constitute an offer to sell or the solicitation of an offer to buy any
securities of these companies. Additional information is available upon
Investment Opinion: Investment opinions are based on each stock's return
potential relative to the overall market*, not on an absolute return.
Strong Buy: Expected to outperform the relevant broader market index
over the next 6 to 12 months. An identifiable catalyst is present to
Outperform: Expected to outperform the relevant broader market index
over the next 12 to 18 months.
Market Perform: Expected to perform in line with the relevant broader
market index over the next 6 to 12 months.
Underperform: Expected to underperform the relevant broader market index
over the next 6 to 12 months.
* Broader market indices = Russell 2000 and S&P 500
Volatility Rating: Our focus on growth companies implies that the stocks
we recommend are typically more volatile than the overall stock market.
We are not recommending the "suitability" of a particular stock for an
individual investor. Rather, it identifies the volatility of a
Low: The stock price has moved up or down by more than 10% in a month in
fewer than 8 of the past 24 months.
Medium: The stock price has moved up or down by more than 20% in a month
in fewer than 8 of the past 24 months.
High: The stock price has moved up or down by more than 20% in a month
in at least 8 of the past 24 months. All IPO stocks automatically get
this volatility rating for the first 12 months of trading.
Nondeposit investment products are not insured by the FDIC, are not
deposits or other obligations of or guaranteed by U.S. Bank National
Association or its affiliates, and involve investment risks, including
possible loss of the principal amount invested.
USBPJ research analysts receive compensation that is, in part, based on
revenues of USBPJ Equity Capital Markets which include overall investment
banking revenues. USBPJ research analysts who follow this Company report to
the Head of Investment Research who, in turn, reports directly to the Chief
Executive Officer of U.S. Bancorp Piper Jaffray.
This material is based on data obtained from sources we deem to be
reliable; it is not guaranteed as to accuracy and does not purport to be
complete. This information is not intended to be used as the primary basis of
investment decisions. Because of individual client requirements, it should not
be construed as advice designed to meet the particular investment needs of any
investor. It is not a representation by us or an offer or the solicitation of
an offer to sell or buy any security. Further, a security described in this
release may not be eligible for solicitation in the states in which the client
resides. Affiliates of U.S. Bancorp Piper Jaffray, including U.S. Bancorp and
their respective officers or employees, or members of their families, may have
a beneficial interest in the Company's securities and may purchase or sell
such positions in the open market or otherwise.
Notice to customers in the United Kingdom: This report is a communication
made in the United Kingdom by U.S. Bancorp Piper Jaffray to market
counterparties or intermediate customers and is exclusively directed at such
persons; it is not directed at private customers and any investment or
services to which the communication may relate will not be available to
private customers. In the United Kingdom, no persons other than a market
counterparty or an intermediate customer should read or rely on any of the
information in this communication.
Securities products and services offered through U.S. Bancorp Piper
Jaffray, member SIPC and NYSE, Inc., a subsidiary of U.S. Bancorp. Additional
information is available upon request.
SOURCE U.S. Bancorp Piper Jaffray