Italian Stocks: Fiat, Finmeccanica, Interpump, Saipem, STMicro Are Active
Italy’s benchmark FTSE MIB Index fell 47.48, or 0.2 percent, to 20,804.37, ending a six-session gain, in Milan.
The following stocks were among the most active in the Italian market today.
Atlantia SpA (ATL IM), Italy’s largest toll highway operator, fell 17 cents, or 1.1 percent, to 15.54 euros. Standard & Poor’s affirmed its A- long-term and A-2 short-term corporate credit ratings on the company. The rating company revised its outlook to “negative” from “stable.”
Buzzi Unicem SpA (BZU IM) lost for a second day this week, falling 10.5 cents, or 1.3 percent, to 8.27 euros. Intermonte Sim SpA trimmed its price estimate on Italy’s second-biggest cement maker to 8 euros from 8.5 euros. The brokerage kept an “underperform” rating, saying in a note that “even if volumes in many markets have reached 10-year lows, we fear that the consensus estimate for a sharp rebound in western markets are too optimistic, especially for the U.S. and Italy.”
Finmeccanica SpA (FNC IM) dropped 15.5 cents, or 1.7 percent, to 8.87 euros, paring yesterday’s increase. Morgan Stanley downgraded the defense company to “underweight” from “overweight.” The brokerage cited “sustained pressure on defense budgets” in a note on the aerospace and defense industry.
Interpump Group SpA (IP IM) rose 7.25 cents, or 1.8 percent, to 4.2 euros. Banca Akros reiterated an “accumulate” rating on the world’s biggest maker of high-performance pumps because the rate of its sales growth is accelerating.
Luxottica Group SpA (LUX IM) retreated 39 cents, or 2 percent, to 19.64 euros, a second decline this week. UBS AG removed its “short-term buy” recommendation on the world’s largest maker of eyeglasses, while keeping a “neutral” rating on a 12-month basis. The brokerage said in a note that “accelerating second-quarter growth seems to be discounted in current valuation.”
STMicroelectronics NV (STM IM) surged 18 cents, or 2.7 percent, to 6.93 euros, its highest level in about three weeks. Intel Corp., adding to evidence that the global economic recovery is taking hold, increased its profit forecast for the year to a record, saying that corporations had resumed their spending on computers.
Separately, ASML Holding NV, Europe’s largest maker of semiconductor equipment, posted a better-than-estimated second- quarter profit.
UniCredit SpA (UCG IM) dropped 1.75 cents, or 0.8 percent, to 2.07 euros. “We believe the recent rally in growth stocks will be short-lived,” analyst Andrew Lim at Matrix Corporate Capital LLP said in an e-mail to clients today. He kept a “negative stance on peripheral Europe” and reiterated a “sell” rating on Italy’s biggest bank.