Salomon Cuts Interpublic to 'Neutral'

The company delayed the release of its second-quarter results, pending a review of its financial statements

Salomon Smith Barney downgraded Interpublic Group (IPG ) to neutral from buy.

On Monday the company delayed the release of its second quarter results.

Analyst William Bird says a committee postponed its regular meeting, which was to have taken place Tuesday, until Monday, August 12, so it could complete its review prior to management certification of its financial statements. He notes the actual results will be released after the market's close on August 13. Bird says it is unclear at this stage whether an audit committee has identified a particular accounting issue, or if the company is taking a belt and suspenders approach to its preparation for the August 14 certification deadline.

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