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Advertising agency’s stock plunges 12% and the CEO is blaming ‘political gridlock’

Shares of Interpublic dove 12 percent in trading Tuesday, after CEO Michael Roth said "political gridlock" was to blame for his company's second-quarter earnings miss.

The advertising company's poor report for both earnings per share and revenue largely came from reduced spending by consumer goods clients, according to Roth.

"Our results in the quarter reflect the fact that macro uncertainty and political gridlock are affecting spending, particularly in the U.S., with clients demonstrating caution in terms of releasing budgets,"...