Pirelli, Premuda, Pop. Milano, UniCredit: Italian Equity Preview
The following companies may be active in Italian trading. Stock symbols are in parentheses and share prices are from the previous close.
Amplifon SpA (AMP) : The world’s largest hearing-aid distributor had its price estimate increased to 4.5 euros from 4.4 euros at Goldman Sachs Group Inc. The shares dropped 2.7 percent to 3.98 euros.
Banca Popolare di Milano Scarl (PMI) : The country’s oldest cooperative bank plans to hold a board meeting to evaluate a possible share sale.
Citigroup Inc. said in a note it cannot rule out the possibility that other Italian banks may raise capital. The brokerage calculates a possible capital need for the other banks of up to 10 billion euros ($14.2 billion) -- about 8.5 billion euros for UniCredit SpA (UCG) , about 600 million euros for Popolare di Milano and about 500 million euros for Banco Popolare SC (BP) -- in a worst-case scenario.
UniCredit does not need to raise capital to prepare for bank stress tests and still plans to sell some assets, Chief Executive Officer Federico Ghizzoni said in an interview with newspaper Il Sole 24 Ore.
Popolare di Milano fell 4.5 percent to 2.53 euros. UniCredit dropped 4.2 percent to 1.64 euros. Banco Popolare slid 4.8 percent to 1.96 euros.
Dada SpA (DA) : Dada said in a statement today that it agreed to sell its Dada.Net unit to Buongiorno SpA for 28.5 million euros. The shares lost 2.8 percent to 3.91 euros.
Enel Green Power SpA (EGPW) : The operator of facilities that generate electricity from renewable resources is developing a plant for solar-energy panels in Catania, Italy, Chief Executive Officer Francesco Starace said. The shares lost 3.9 percent to 1.94 euros.
Fiat SpA (F) : European new-car registrations fell 4.7 percent in March to 1.6 million vehicles, the ACEA industry group said in an e-mailed statement today. The shares lost 2.6 percent to 6.18 euros.
Pirelli & C. SpA (PC IM): Chairman Marco Tronchetti Provera is scheduled to speak in Parliament. The stock retreated 1.9 percent to 6.36 euros.
Premuda SpA (PR) : The shipping company reported 2010 net income of 10.7 million euros compared with a loss a year earlier. The company proposed a dividend of 3 euro cents for ordinary shares. The stock was unchanged at 70.8 cents.
Yoox SpA (YOOX) : Goldman Sachs lifted its price estimate on the Italian online retailer to 15 euros from 12.5 euros. The shares fell 0.7 percent to 10.81 euros.