Interpublic, True North slash earnings projections

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New York--Interpublic Group of Cos. Inc. and True North Communications Inc., which are in the process of merging, have slashed their earnings projections, citing the weak economy. Interpublic said it expects second-quarter earnings of between 30 cents and 35 cents per share, down from the 40 cents to 45 cents per share it had projected earlier. True North lowered its second-quarter earnings projection to between 37 cents and 42 cents a share, which is 7 cents to 12 cents per share below Wall Street estimates, the company said.
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