Italian Stocks Decline; Azimut, Buzzi, STM, Telecom Italia, UniCredit Move

Italy’s benchmark FTSE MIB Index declined the most in about six weeks, falling 680.65, or 3.2 percent, to 20,579.24 in Milan.

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

Ansaldo STS SpA (STS IM), Finmeccanica SpA’s railway- technology unit, dropped 38.5 cents, or 3.9 percent, to 9.48 euros, a fifth straight loss. “Negative macro news flow spurred some profit taking on industrial shares,” said Davide Manenti, a fund manager at Nuovi Investimenti in Milan.

Shares of Italian carmaker Fiat SpA (F IM) and Europe’s third-largest tiremaker Pirelli & C SpA (PC IM) fell 4.9 percent to 9.59 euros and 3.6 percent to 5.30 euros, respectively.

Azimut Holding SpA (AZM IM), Italy’s largest independent fund manager, ended a two-day gain, falling 55.5 cents, or 7.1 percent, to 7.25 euros as the Stoxx Europe 600 Index fell by the most in more than a month after the Federal Reserve said the pace of economic recovery is likely to be “more modest” than forecast.

Azimut shares dropped below their 20-day moving average today.

Banca Popolare di Milano Scrl (PMI IM) declined 19 cents, or 4.7 percent, to 3.87 euros as financials were the worst performing industry in Europe. Intesa Sanpaolo SpA (ISP IM) retreated for the first day in three, losing 15.5 cents, or 6 percent, to 2.42 euros. Unione di Banche Italiane SCPA (UBI IM) fell 38 cents, or 4.6 percent, to 7.81 euros.

Buzzi Unicem SpA (BZU IM) fell 27.5 cents, or 3.4 percent, to 7.9 euros, extending losses of 3.4 percent yesterday. Credit Suisse Group AG lowered its price estimate on Italy’s second- biggest cement maker to 10 euros from 11 euros. The brokerage reiterated an “outperform” rating.

Buzzi also had its price estimate cut to 12.50 euros from 15 euros at MF Global Holdings Ltd.

Saipem SpA (SPM IM), Europe’s largest oilfield-services provider, dropped 75 cents, or 2.7 percent, to 27.15 euros, the lowest level in three weeks. Crude oil fell for a second day as the International Energy Agency’s 2011 demand outlook and reports from the U.S. and China reinforced concern that the recovery is faltering. Separately, a U.S. government report showed a bigger-than-expected increase in supplies of gasoline and distillate fuels.

Tenaris SA (TEN IM) dropped 43 cents, 3 percent, to 13.78 euros.

Servizi Italia SpA (SRI IM) jumped 22.5 cents, or 4.4 percent, to 5.32 euros, a second day of gains. The company said its first-half net income more than doubled to 8 million euros.

STMicroelectronics NV (STM IM), Europe’s largest semiconductor maker, lost 30.5 cents, or 4.9 percent, to 5.98 euros, the biggest decline since May 25, as the Philadelphia Semiconductor Index headed for the lowest closing level in six months.

Telecom Italia SpA (TIT IM) declined 2.5 cents, or 2.4 percent, to 1.03 euros, snapping a three-day increase. UBS AG trimmed its price estimate on Italy’s biggest phone company to 1.25 euros from 1.30 euros. The brokerage reiterated a “buy” recommendation.

UniCredit SpA (UCG IM) dropped 7.25 cents, or 3.5 percent, to 2.02 euros, its second day of losses. Nomura Holdings Inc. lowered its price estimate on Italy’s biggest bank to 2.35 euros from 2.50 euros, while keeping a “buy” rating.

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

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