IPG Shares Plummet

NEW YORK Interpublic Group shares today hit a new 52-week low, closing at $8.26, down 9 cents in light trading on the New York Stock Exchange.

The dip continues a trend that developed last week, when shares established 52-week lows at $8.36 on June 27, $8.32 on June 28 and $8.30 on June 30.

The 52-week high for IPG shares is $12.73, near trading levels a year ago: On July 1, 2005, IPG shares closed at $12.25.

This month marks the two-year anniversary of CEO Michael Roth’s assumption of an operating role at the holding company. Since then, IPG’s stock has declined 37 percent to its current trading level.

IPG shares opened on Monday at $8.31, off nearly 0.5 percent from Friday’s close.

IPG is the parent of McCann Erickson, Universal McCann, Lowe, Deutsch and Weber Shandwick, among others.

The holding company is in the process of merging direct marketing shop Draft with global ad agency network Foote Cone & Belding. The resulting entity would be called Draft FCB Group [Adweek Online, May 22].