Italian Stocks: Luxottica, Mediolanum, Molmed, Piaggio, Saipem Shares Move

Italy’s benchmark FTSE MIB Index was little changed, rising less than 0.1 percent to 20,383.05 at 9:52 a.m. in Milan.

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

Astaldi SpA (AST IM) increased for a third day this week, gaining 1.4 percent to 5.38 euros. UniCredit Research, which has a “buy” rating on the stock, said in a note that “in the last five years, Astaldi doubled its revenues and order backlog even in an unfavorable macroeconomic scenario, therefore we believe that the new industrial plan is challenging but definitely achievable.” Italy’s second-biggest builder is due to present its 2010-2015 industrial plan today.

Luxottica Group SpA (LUX IM) advanced 1.4 percent to 19.86 euros, ending a two-day loss. The world’s biggest maker of eyewear was upgraded to “buy” from “neutral” at Nomura Holdings Inc.

Mediolanum SpA (MED IM), the financial-services company partly owned by Italian Prime Minister Silvio Berlusconi, lost 1.1 percent to 3.21 euros after climbing 4.8 percent yesterday on speculation regarding a potential merger with Assicurazioni Generali SpA and Mediobanca SpA (MB IM).

Generali Chairman Cesare Geronzi doesn’t plan a merger with the insurer’s biggest shareholder Mediobanca, the executive told la Repubblica in an interview. Mediobanca shares slid 1.1 percent to 6.8 euros.

Molecular Medicine SPA (MLM IM) climbed 3.3 percent to 47.95 euro cents. The Italian biotechnology company said the “positive results” of a clinical study of its anticancer NGR- hTNF drug were published on Annals of Oncology.

Piaggio & C. SpA (PIA IM) sank 3.9 percent to 2.38 euros, snapping a two-day increase. The scooter company, which is scheduled to hold a presentation on strategic guidelines and business developments, targets earnings before interest, taxes, depreciation and amortization of 285 million euros and 1.9 billion euros revenue in 2013, according to a statement distributed by the Italian exchange.

Cheuvreux, which has an “underperform” rating, said in a note that the plan looks aggressive.

Saipem SpA (SPM IM) retreated for a third day, losing 1 percent to 28.12 euros. JPMorgan Chase & Co. downgraded Europe’s largest oilfield-services provider to “neutral” from “overweight.”

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

To contact the editor responsible for this story: David Merritt at dmerritt1@bloomberg.net.

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