Investors continued to batter the stock of Interpublic Group of Cos. Inc. for a second straight day Tuesday.
On Monday, the ad-agency holding company said it was delaying
releasing its second-quarter financial results one week to Aug. 13.
IPG's shares fell 24 percent to $14.99 apiece Monday after the company said its
audit committee needed more time to review the numbers, prompting widespread
speculation that something was amiss.
In Tuesday-morning trading, the shares were down another 7 percent to $13.97
despite a huge morning rally of stocks generally -- the Dow Jones Industrial
Average was up 300 points by 11 a.m.
Other ad-agency holding companies, which took beatings along with IPG
Monday, rebounded with the market Tuesday.
The WWP Group and Omnicom Group Inc. were both down 7 percent Monday.
In mid-morning trading Tuesday, Omnicom was up 11 percent to $52.59 and WPP
was up 7 percent to $34.40.