Italian Stocks: Amplifon, Azimut, Italcementi, Telecom Italia

Italy’s benchmark FTSE MIB Index declined 319.06, or 1.6 percent, to 20,161.02 in Milan. The gauge lost 1.6 percent this week.

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

Amplifon SpA (AMP IM) advanced 7.25 cents, or 1.8 percent, to 4.12 euros, its third gain this week. Mediobanca Securities reiterated an “outperform” rating on the world’s largest hearing-aid distributor ahead of “another strong quarter.” Second-quarter results are due on July 28.

Azimut Holding SpA (AZM IM), Italy’s largest independent fund manager, sank 27.5 cents, or 4 percent, to 6.58 euros as the Stoxx Europe 600 Index fell the most in two weeks.

Banco Popolare SC (BP IM) retreated 12.5 cents, or 2.7 percent, to 4.56 euros, its third consecutive decline. Banking stocks dropped across Europe as Bank of America Corp. and Citigroup Inc. reported sales that missed analysts’ estimates.

CIR-Compagnie Industriali Riunite SpA (CIR IM) fell 4.6 cents, or 3.2 percent, to 1.40 euros, its biggest loss since June 29. Standard & Poor’s Ratings Services revised the company’s credit outlook to negative from stable, keeping a BB rating.

Datalogic SpA (DAL IM) gained for a third day this week, rising 12.5 cents, or 3.3 percent, to 3.96 euros. Europe’s largest maker of barcode scanners said second-quarter sales rose 33 percent to 101 million euros ($130.5 million).

Eni SpA (ENI IM), Italy’s biggest oil company, fell 37 cents, or 2.4 percent, to 15.28 euros. Crude oil fell for a third day in New York on speculation that the U.S. economic recovery is slowing, reducing demand for oil and gas in the world’s largest energy-consuming country.

Italcementi SpA (IT IM), Italy’s biggest cement maker, lost 21.5 cents, or 3.4 percent, or 6.04 euros. Equita Sim SpA said in a note that the “second quarter will be another weak quarter” and cut its earnings estimate by 56 percent for 2010 and by 37 percent for 2011-2013. The brokerage downgraded the savings shares to “hold.” The savings shares dropped 7.5 cents, or 2.1 percent, to 3.45 euros.

Telecom Italia SpA (TIT IM) tumbled 4.4 euro cents, or 4.6 percent, to 91.45 cents, the shares’ biggest loss in two months. Italy’s biggest phone company agreed to sell BBNed to Tele2 AB for 50 million euros, according to a statement distributed by the Italian stock exchange. The sale won’t have a “substantial” impact on accounts, the company said. Morgan Stanley advised Telecom Italia on the sale.

Credit Agricole Cheuvreux SA kept a “sell” rating because of “poor fundamentals, excessive leverage, and ineffective strategy.” The brokerage suggested that investors “stay short of the stock compared with the European Telecommunication index ahead of second-quarter results.”

Yorkville BHN SpA (BY IM) advanced 0.34 euro cents, or 4 percent, to 8.94 cents. The investment company requested 1.7 million euros in new shares from YA Global Investments LP under an existing agreement, according to a statement distributed through the Italian exchange today.

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