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Italian Stocks: Intesa, MolMed, Pirelli, Popolare, Saipem, UBI

Italy’s FTSE MIB Index declined 505.42, or 2.6 percent, to 19,030.49 in Milan as companies including Atlantia SpA (ATL IM), Italcementi SpA (IT IM), Mediaset SpA (MS IM), and UniCredit SpA (UCG IM) traded ex- dividend today.

“Total cash out for FTSE MIB stocks can be quantified in some 7.3 billion euros, about 2.1 percent of the Index market capitalization and about 50 percent of the total estimated annual dividend cash out,” Mediobanca Securities wrote in a note.

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

Banco Popolare Scrl (BP IM) lost 8 cents, or 1.9 percent, to 4.20 euros. Adjusted for a dividend per share of 8 cents the shares retreated 0.5 percent. Keefe, Bruyette & Woods Ltd lifted its recommendation to “market perform” from “underperform,” citing the stock’s relative underperformance.

Enel SpA (ENEL IM) increased 3.75 cents, or 1.1 percent, to 3.61 euros, a second day of gains. Sintonia SA is considering buying a stake in Enel’s Green Power unit, Gilberto Benetton told Corriere della Sera in an interview published May 23.

Fiat SpA (F IM) declined 6 cents, or 0.7 percent, to 8.59 euros. Automobile shares led declines in Europe amid concern that policy makers have yet to take control of the region’s debt crisis.

Shares of Pirelli & C. SpA (PC IM), Europe’s third-largest tiremaker lost 1.9 percent to 40.5 cents when adjusted for a dividend per share of 1.45 cents.

Intesa Sanpaolo SpA (ISP IM) dropped 7.5 cents, or 0.4 percent, to 2.1 euros, or 1 percent when adjusted for a dividend of 8 cents apiece. Keefe, Bruyette & Woods upgraded the stock to “outperform” from “market perform” because of the stock’s relative underperformance and the bank’s “improving capital position” and “outstanding liquidity.”

Molecular Medicine SpA (MLM IM) surged 11.2 cents, or 8.8 percent, to 1.40 euros, ending a three-session loss, as the company said it received clearance from the U.S. Food and Drug Administration for the IND filed to initiate a Phase III clinical trial of its investigational antitumour drug NGR-hTNF for the treatment of malignant pleural mesothelioma in the U.S.

Saipem SpA (SPM IM), Europe’s biggest provider of oilfield services by market value, lost 32 cents, or 1.3 percent, to 25.08 euros as crude oil fell below $70 a barrel in New York. Saipem shares traded adjusted for a dividend of 55 cents apiece.

Tenaris SA (TEN IM), the world’s biggest maker of seamless steel tubes for oil and gas extraction, retreated 9 cents, or 0.6 percent, to 14.5 euros.

Telecom Italia SpA (TIT IM) gained 0.8 percent to 92.4 cents when adjusted for a dividend per share of 5 cents. Goldman Sachs Group Inc. kept a “buy” rating on the ordinary shares, while downgrading the savings shares of Italy’s biggest phone company to “neutral” from “buy.” The savings shares fell 2.1 percent to 74.5 cents after being adjusted for a dividend of 6.1 cents apiece.

Unione di Banche Italiane ScpA (UBI IM) fell 18 cents, or 2.4 percent, to 7.325 euros after being adjusted for a dividend per share of 30 cents. Keefe, Bruyette & Woods Ltd. downgraded the stock to “market perform” from “outperform.”

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