Flurry Of Filings, Stock Trading At IPG

Interpublic Group, following two weeks of relative calm after restating five years of results downward by $550 million, got busy again last week, with four federal filings and a flurry of high-volume stock trading that resulted in a new 52-week low.

Analysts attributed the voluminous trading to Tuesday’s offer of preferred stock to institutional investors—a one-day sale that’s expected to raise nearly $600 million. As many investors were selling as buying, with sellers concerned about stock dilution (525,000 new shares were issued, each convertible into another 70 shares) and buyers anticipating that IPG’s share price will rise, sources said.