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Italian Stocks: Indesit, Italcementi, Banco Popolare, STMicro

Oct. 27 (Bloomberg) -- Italy’s benchmark FTSE MIB Index dropped for a fourth day, falling 112.7, or 0.5 percent, to 21,250.82 at the 5:30 p.m. close in Milan.

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

Atlantia SpA (ATL IM) gained for the first time this week, rising 1.1 percent to 16.01 euros. Deutsche Bank AG reiterated its “buy” rating on Italy’s largest toll road operator, saying in a note that “the shares are significantly undervalued.”

Banco Popolare SC (BP IM) retreated 2.8 percent to 3.88 euros, the fifth straight loss. The outlook for Italian banks “remains negative,” because of weak profitability and limited capital, Moody’s Investors Service said in its Banking System Outlook on Italy.

Bulgari SpA (BUL IM), the world’s third-largest jeweler, fell 2.9 percent to 7.58 euros. Hermes International SCA sank for a second day in Paris trading, erasing a 15 percent jump on Oct. 25.

Edison SpA (EDN IM) lost 2.3 percent to 90.2 euro cents, extending yesterday’s 3.5 percent decline. Equita Sim SpA downgraded Italy’s second-largest power generator to “hold” from “buy,” citing “weak third-quarter results” and “considerable uncertainty around the renegotiation of gas contracts.”

Eni SpA (ENI IM) decreased for a third day, falling 1.9 percent to 15.71 euros. Barclays Plc downgraded Italy’s biggest oil company to “underweight” from “overweight.” The brokerage said in a note that Eni’s gas and power business in the third quarter generated its least amount of profit in seven years.

Indesit Co. (IND IM), Italy’s biggest home-appliance maker, lost 3.2 percent to 9.16 euros as shares of Electrolux AB, the world’s second-largest appliance maker, sank as much as 5.9 percent. Whirlpool Corp., the world’s largest appliance maker, also plunged in U.S. trading.

Italcementi SpA (IT IM) slid 1.8 percent to 6.13 euros, the fourth consecutive retreat. Italy’s biggest cement maker had its price estimate trimmed to 6 euros from 6.80 euros at CA Cheuvreux SA, which reiterated an “underperform” rating.

“While Italian results are likely to stay depressed, we still see downside risks on emerging markets profitability,” the brokerage said in a note.

STMicroelectronics NV (STM IM) jumped 4.2 percent to 6.14 euros, the highest price since Aug. 10. Europe’s largest semiconductor maker forecast that sales would top analysts’ estimates in the fourth quarter, increasing by 2 percent to 7 percent to $2.71 billion to $2.84 billion compared with a year earlier. Analysts had predicted $2.7 billion on average, based on estimates compiled by Bloomberg.

Tenaris SpA (TEN IM), the world’s biggest maker of seamless steel tubes, dropped for a second day, losing 1.4 percent to 14.62 euros as oil declined for the first time in four days in New York.

To contact the reporter on this story: Francesca Cinelli in Milan at fcinelli@bloomberg.net.

To contact the editor responsible for this story: David Merritt at dmerritt1@bloomberg.net.

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