Italian Stocks Fall; Brembo, Campari, Fiat, Maire Tecnimont, Pirelli Move

Italy’s benchmark FTSE MIB Index declined for a third day, falling 163.47, or 0.8 percent, to 21,302.97 at the 5:30 p.m. close in Milan.

The following stocks were among the most active in the Italian market today.

Brembo SpA (BRE IM) advanced 16.5 cents, or 3.1 percent, to 5.53 euros, a third straight gain. Mediobanca Securities upgraded the world’s largest manufacturer of disk brakes to “outperform” from “neutral,” citing a “strong set of results.”

Equita Sim SpA added the stock to its small-caps focus list, while UBS AG lifted its price estimate to 5.8 euros from 5.6 euros and kept a “neutral” rating.

Davide Campari-Milano SpA (CPR IM) declined 7.75 cents, or 1.8 percent, to 4.15 euros, paring a 3.2 percent gain yesterday. Deutsche Bank AG trimmed its price estimate on Italy’s biggest distiller to 4.2 euros from 4.4 euros. The brokerage reiterated a “hold” recommendation.

Fiat SpA (F IM) rose 21 cents, or 2.1 percent, to 10.31 euros, erasing yesterday’s decline. CNH Global NV, the agricultural machinery maker controlled by the Italian carmaker, sold $753.45 million of bonds backed by equipment loans, according to a person familiar with the transaction.

Morgan Stanley reiterated an “overweight” rating on Fiat before Chrysler Group LLC’s results, due on Aug. 9.

Automobile stocks were the best performers in Europe today.

Maire Tecnimont SpA (MT IM) retreated 9.75 cents, or 3.4 percent, to 2.78 euros, a second loss this week. The energy and engineering services company said in a statement that first-half net income fell to 30.7 million euros from 35.1 million euros a year earlier.

Milano Assicurazioni SpA (MI IM) dropped 10.9 cents, or 7.1 percent, to 1.43 euros, the biggest loss since June 17. Cheuvreux said in a note after the release of first-half results that the “net result was affected by huge impairments.” The brokerage has an “outperform” rating on the stock.

Pirelli & C SpA (PC IM), Europe’s third-largest tiremaker, advanced for a third day this week, rising 15.5 cents, or 2.8 percent, to 5.62 euros. Nokian Renkaat Oyj, the Nordic region’s biggest tire maker, reported second-quarter earnings that beat analysts’ estimates.

Sabaf SpA (SAB IM) climbed 29 cents, or 1.7 percent, to 17.8 euros, a second day of gains. Fidentiis Equities SV SA upgraded the maker of gas appliance parts to “buy” from “hold,” saying that “Sabaf is one of the very few companies set to catch up with pre-crisis 2007 earnings this year.”

Sabaf also had its price estimate lifted to 23.2 euros from 20.3 euros at UniCredit Research, which reiterated a “buy” recommendation, and to 20 euros from 19 euros at Banca Akros, which kept an “accumulate” rating.

Societa Iniziative Autostradali e Servizi SpA (SIS IM) fell for a second day, losing 24 cents, or 3.3 percent, to 7.02 euros. Intermonte Sim SpA downgraded the company to “outperform” from “buy,” citing the stock’s recent performance.

Tenaris SA (TEN IM) lost 80 cents, or 5.1 percent, to 15.03 euros, a second decline this week. The world’s largest maker of seamless pipes said second-quarter profit dropped 18 percent because of falling pipeline sales.

Jefferies International Ltd., which has a “buy” rating, said in a note that “Tenaris has the ability to deliver solid earnings growth in the second half of 2010.”

Telecom Italia SpA (TIT IM) declined 4.5 cents, or 4.3 percent, to 1.01 euros, ending a three-day increase. Italy’s biggest phone company said second-quarter net income rose 22 percent to 610 million euros, according to a statement distributed through the Italian exchange.

“Second-quarter results are a touch light on revenues but over a 1 percent beat on EBITDA,” Mandeep Singh, a telecommunications sales specialist at Berenberg Bank, wrote in an e-mailed comment after the results.

UniCredit SpA (UCG IM) retreated for a third day, losing 4 cents, or 1.9 percent, to 2.08 euros. Italy’s biggest bank plans to eliminate 4,700 jobs in 2011-2013 as part of a reorganization of its Italian business, according to unions. The bank informed unions that the staff reductions are part of a plan approved Aug. 3 to merge seven Italian units into the bank’s main holding company.

To contact the reporter on this story: Francesca Cinelli in Milan at fcinelli@bloomberg.net.

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