Aug. 6 (Bloomberg) -- Italy’s benchmark FTSE MIB Index dropped for a fourth day, losing 218.50, or 1.03 percent, to 21,084.47 in Milan. The following stocks were among the most active in the Italian market today.
A2A SpA (A2A IM) declined 2 cents, or 1.7 percent, to 1.16 euros, ending a two-day increase. Morgan Stanley downgraded Italy’s biggest municipal utility to “equal weight” from “overweight,” as second-quarter results “marked the third consecutive weak quarter.”
Brembo SpA (BRE IM) advanced 18.5 cents, or 3.4 percent, to 5.72 euros. Banca IMI SpA upgraded the world’s largest manufacturer of disk brakes to “buy” from “hold.”
Davide Campari-Milano SpA (CPR IM), Italy’s biggest distiller, lost 5 cents, or 1.2 percent, to 4.098 euros as food & beverage stocks were the worst performers in Europe today. Parmalat SpA (PLT IM), Italy’s biggest dairy-food company, fell 1.8 percent to 1.83 euros.
Diasorin SpA (DIA IM) jumped 1.9 euros, or 6.2 percent, to 31.88 euros, the biggest gain in five months. The supplier of diagnostic tests released “stronger-than-expected second-quarter results at all levels,” Cheuvreux said. Diasorin said it’s had no contact with U.S. private equity firm KKR & Co. and controlling shareholders don’t plan to sell, denying a report in weekly magazine Il Mondo.
Fondiaria-SAI SpA (FSA IM) rose for the first day in four, gaining 38 cents, or 4.7 percent, to 8.52 euros. Cheuvreux upgraded Italy’s second-biggest insurer to “outperform” from “underperform.” The brokerage said in a note that “the stock is cheap with an improving operating trend.”
Geox SpA (GEO IM) lost 3.4 percent to 4.27 euros, paring yesterday’s gain. Goldman Sachs Group Inc. cut its price estimate on the shoemaker to 3.9 euros from 4.8 euros and reiterated a “sell” rating.
Telecom Italia SpA (TIT IM) gained 1.6 cents, or 1.6 percent, to 1.02 euros, paring a 4.3 percent drop yesterday.
“Telecom Italia’s first-half earnings were slightly better than the market expected,” Natixis Securities, which has a “buy” rating, said in a note. “In our view, the consensus believes that the guidance, despite it’s being confirmed yesterday, will not be achieved in full.”
Goldman Sachs Group Inc. trimmed its price estimate on the ordinary shares to 1.37 euros from 1.38 euros, with a “buy” rating unchanged, and on the savings shares to 1.07 euros from 1.09 euros, with a “neutral” recommendation. The savings shares rose 1 percent to 81.9 cents.
Tenaris SA (TEN IM) dropped 52 cents, or 3.5 percent, to 14.51 euros, extending losses of 5.1 percent yesterday. UBS AG downgraded the world’s biggest maker of seamless steel tubes for oil and gas extraction to “neutral” from “buy,” citing “disappointing guidance.”
Tenaris was cut to “neutral” also at Natixis Securities, while BofA Merrill Lynch Global Research lowered its price estimate for Tenaris’s American Depositary Receipts to $52 from $54 and kept a “buy” rating.
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