Fiat, Impregilo, Parmalat, Dada May Move Today: 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.
Italy’s benchmark FTSE MIB Index (FTSEMIB) declined 20.26, or 0.1 percent, to 22,397.70 in Milan.
Dada SpA (DA) : The mobile-entertainment company said it bought back 13 percent of Dada.net from Sony Music Entertainment for 7.2 million euros. Dada increased 2.1 percent to 3.86 euros.
Fiat SpA (F IM): Car sales in Italy declined 2.2 percent in April to 157,309 vehicles. Sales of the Fiat namesake brand fell 15 percent, the Italian Transport Ministry said in an e-mailed statement. Fiat rose 3.9 percent to 7.49 euros.
Impregilo SpA (IPG) : Italy’s Ligresti family is considering selling its stake in the country’s largest building company daily Il Sole 24 Ore reported, without saying where it got the information.
The Benetton and Gavio families, which each own a third of a holding company that controls 29 percent of Impregilo, are ready to buy Ligresti’s remaining 33 percent of the holding, according to the Italian newspaper. The shares added 0.4 percent to 2.33 euros.
Mediaset SpA (MS) : The television company controlled by Italian Prime Minister Silvio Berlusconi had its price estimate trimmed to 4.1 euros from 4.5 euros at BofA Merrill Lynch Global Research. The shares rose 0.7 percent to 4.53 euros.
Parmalat SpA (PLT) : The board may ask Groupe Lactalis to raise its bid for the company to 2.80 euros a share, daily Il Sole 24 Ore reported, without saying where it got the information.
The board will meet today and may decide to ask the French company to raise its bid from the 2.60 euros a share announced on April 26, according to the Italian newspaper. Parmalat gained 0.2 percent to 2.56 euros.
Prelios SpA (PRS) : UniCredit Research increased its price estimate on the stock to 71 euro cents from 67 euro cents. The shares added 0.2 percent to 53.05 euro cents.
Safilo Group SpA (SFL) : UniCredit Research increased its 2011, 2012 and 2013 earnings-per-share estimates on the world’s second-largest maker of eyeglass frames. The brokerage reiterated a “buy” rating. The shares lost 0.5 percent to 12.83 euros.
Tenaris SA (TEN) : Mediobanca Securities downgraded the world’s largest producer of seamless steel tubes used in the oil industry to “neutral” from “outperform.” The shares gained 0.2 percent to 17.07 euros.
-- Editor: Stephen Kleege, Dan Liefgreen