Interpublic Ad Woes May Be Isolated
The Interpublic Group of Companies, Inc. (NYSE: IPG) may not be at a 52-week low but its shares are now trading at a low for all of 2012. The advertising empire’s poor second quarter earnings report is the culprit, but…
The drop is much worse than expected and it sure looks like there may be some account losses to blame along with lower spending by accounts. Omnicom Group Inc. (NYSE: OMC) is trading higher on the day with a gain of nearly 2% to $49.48.
Interpublic shares are trading down 12.5% at $9.62 on more than 17 million shares so far today. The 52-week range is $6.73 to $12.17 and Thomson Reuters had a pre-news consensus price target of $13.18 for this stock.
One loose rival is the online ad agency of ValueClick, Inc. (NASDAQ: VCLK), but its shares are flat at $15.55 so far in mind-day trading.
JON C. OGG
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Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.
