Brokerage Downgrades IPG
Deutsche Securities last week downgraded Interpublic Group shares from "hold" to "sell." The brokerage said the stock's valuation is overly optimistic, as New York-based IPG appears the most vulnerable of the major ad holding companies to competitive challenges.
Stock Market Suspends CCG Trading
The New York Stock Exchange suspended trading in Cordiant Communications Group's American Depository Receipts before the market's opening last Thursday because of WPP Group's proposed acquisition of London-based CCG. ADR holders stand to gain new WPP stock valued at 20 cents a share, a trading level deemed "abnormally low" by the NYSE.