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Ad agencies as a group, however, are reeling from both the changes in the industry and the severity of the global recession. Interpublic Group (IPG), WPP Group (WPP.UK), Omnicom Group (OMC) and Publicis (PUB.France) continue to restructure as a result of shrinking revenue and profits. While the worst may be over for the agencies, the environment is still risky enough that investors may be wise to focus on other segments of the ad world. As Larry Haverty, veteran retailing and entertainment analyst and manager of the Gabelli Global Multimedia Trust, puts it: "I'd prefer to bet on the companies selling stuff, rather than those specializing in the art of trying to sell stuff."

To be sure, some of the stocks that made our list -- like Interpublic -- look riskier than those that missed it by a whisker -- like Time Warner (TWX). Analysts are still expecting Interpublic to post a one-cent gain in earnings in 2009, which is shaping up as a killer year for advertising spending.

Coburn has a host of bearish ideas. He has made a bundle betting against newspaper stocks; he thinks they are "the buggy whips of the digital age," and remains short the New York Times (NYT) and others. He's also short a boatload of big, troubled tech companies -- Motorola (MOT), Palm (he and Integral disagree completely), eBay (EBAY), Alcatel-Lucent (ALU), Interpublic Group (IPG), CNET (CNET)...he's got 51.

Looked OK for modest gains

forward P/E is 20.8, the P/S is 0.84, and the PEG is 5.16.

listened to cramer

jc

Upgraded by Banc of America Sec from Neutral to Buy

Turnaround Play

not at all moving, bad and ineffective management, weak agency brands