The second quarter earnings will be released on July 18, and that may be the immediate trigger for the stock. Omnicom has appreciated by around 32% over the past 52 weeks. Over the longer term also, it has done well with good capital appreciation. The dividend yield of 2% is also good if one considers the consistency of the payouts, and the low payout ratio of 36%. The performance has been backed by steady growth in revenues and net income over the years. The revenues have grown by 21% from $11.7 billion in 2009 to $14.2 billion in 2012. The net income has grown by 26% from $793 million to $998 million during the same period. This has led to steady appreciation in the stock price also. Recent quarters have not been that robust, and the performance has been a bit erratic. In the previous quarter, the revenues went up 2.8%, while the net income remained flat on a yoy basis. Going forward, faster growth will require extra efforts, with special focus on emerging trends. The importance of online advertising has increased. Social media advertising, interactive advertising etc. are becoming important. Further, segments like social media sponsorship are also becoming popular. IZEA (IZEA) provides a social media platform where advertisers can pay celebrities and other influencers to tweet, pin, blog, youtube, instagram etc., about their products. The valuations of Omnicom are still reasonable with a forward P/E of 15.23. Price to sales is also low at 1.20. The debt is a bit high at $4.46 billion, but remains manageable if one considers the cash flows and the cash in hand of $2.09 billion. The current ratio is below 1, which indicates that the liquidity is a bit tight. So the stock has appreciated, and hence the fundamentals need to keep pace so that there is no change in the existing positive trend.