Slightly down is the new up.

At least judging from the reception that advertising giant WPP received today after it predicted like-for-like revenue would drop 2 percent this year.

Shares were up about 5 percent after the report from WPP, the last of the big three advertising holdings to post quarterly results. For all the worry about the advertising recession — and no doubt advertising is bad right now — WPP, Omnicom and Interpublic also showed some bright spots in their numbers.

WPP, in fact, said the in the ”long-term” the outlook for the advertising and marketing services business “appears favorable.” “Long-term” isn’t a particularly well-defined timeframe, but nonetheless those are pretty upbeat comments coming from an industry that has seen auto, retail and financial services spending drop like a stone.

“The fact they’re saying revenues in 2009 will be down 2% is relatively reassuring given the current climate,” RBS analyst Justin Diddams told the Wall Street Journal.

Keep an eye on:

• ABC is hoping the financial crisis makes for some good laughs, as it readies two Wall Street comedy pilots ( AdAge.com)
• The Seattle Post-Intelligencer newspaper is pressing ahead with plans to turn into an online-only publication (WSJ.com)
• CNBC takes it on the chin — yet again (Gawker)

(Reuters photo of CEO Martin Sorrell)