Italian Stocks: Eni, Fiat, Gabetti, Gemina, STM, and UniCredit Are Active

Italy’s benchmark FTSE MIB Index declined 73.92, or 0.4 percent, to 20,927.70 as of 2:25 p.m. in Milan.

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

A2A SpA (A2A IM) retreated 1.1 percent to 1.13 euros, a third consecutive decline as utilities were the worst performers in Europe today. The company will probably review a report on its strategic options, including Edison SpA, prepared by its adviser Intesa Sanpaolo SpA, at a supervisory board meeting scheduled for Sept. 22, Radiocor reported, citing Vice Chairman Rosario Bifulco.

Banca Akros said in a note that “we believe that the company has not yet obtained the clear support of the Italian government on the Edison reorganization process. This is, in our view, penalizing the stock. We confirm that the reorganization of Edison is crucial for A2A.”

AS Roma SpA (ASR IM) surged 9.6 percent to 1.21 euros before being halted. UniCredit SpA has started the sale process for the controlling stake in the soccer club, Deputy Chief Executive Officer Paolo Fiorentino told reporters today in Milan. His comments were confirmed by a company official.

Eni SpA (ENI IM) lost 0.9 percent to 16.39 euros, erasing yesterday’s increase. Standard & Poor’s confirmed its A+ rating on the company’s debt, with a stable outlook, the oil company said. Moody’s Investors Service cut Eni’s long-term rating to Aa3 from Aa2. ING Groep NV cut its recommendation to “hold” from “buy.”

Fiat SpA (F IM) increased for a fifth day, rising 1.4 percent to 10.36 euros. Gruppo Banca Leonardo reiterated a “buy” rating on the Italian carmaker before the company’s shareholder meeting Sept. 16 to approve the spinoff of Fiat’s industrial activities and automotive businesses. The brokerage said that “the demerger of the industrial business should allow for a rerating of the stock.”

Gabetti Property Solutions SpA (GAB IM) dropped for a second day, falling 4 percent to 41.95 euro cents. The real estate company reached an agreement with banks to restructure debt and said it would raise 25 million euros by selling shares.

Gemina SpA (GEM IM), the manager of Rome’s airports, climbed 4.1 percent to 50.5 euro cents, the biggest gain in almost two months. Equita Sim SpA reiterated a “buy” rating on the stock, saying that “Rome recorded the highest level of passenger traffic ever in August.”

I Grandi Viaggi SpA (IGV IM) dropped 1.9 percent to 86 euro cents, the lowest this month. The tour operator said it had a loss of 6.7 million euros in the third quarter as revenue fell to 50 million euros from 53 million euros a year earlier.

Parmalat SpA (PLT IM) advanced 1.1 percent to 1.99 euros, ending a two-day loss. Morgan Stanley reiterated an “overweight” rating on Italy’s biggest dairy food company, saying in a note that “investors focus on potential cash returns may miss the opportunity that exists for management to add value through acquisitions.”

Recordati SpA (REC IM) advanced 1.3 percent to 6.4 euros, the biggest gain in almost two weeks. Jefferies Group Inc. initiated coverage of Italy’s biggest publicly traded drugmaker with a “buy” recommendation and a price estimate of 7.1 euros. The brokerage expects Recordati to raise 2010 guidance when it reports nine-month figures on Oct. 26. “Upcoming product launches should sustain the shares,” it said in a note.

STMicroelectronics NV (STM IM), Europe’s largest semiconductor maker, rose for a second day, adding 1.3 percent to 5.66 euros. Computer-chip makers had the biggest gain of any industry in the Standard & Poor’s 500 Index as research firm Gartner Inc. said semiconductor capital equipment spending will more than double this year from 2009.

Telecom Italia SpA (TIT IM) gained for the first day in four, rising 1 percent to 1.06 euros. Morgan Stanley lifted its recommendation on European telecommunication shares to “overweight,” as the “preferred defensive sector.”

UniCredit SpA (UCG IM), Italy’s biggest bank, retreated 1 percent to 2.01 euros, after climbing 2.9 percent yesterday. Evolution Securities reiterated its “short-term sell” recommendation on UniCredit.

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

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