Italian Stocks: Banco Popolare, Intesa, Tod’s Shares Move
The following stocks were among the most active in the Italian market today.
Banco Popolare SC (BP) advanced 20 cents, or 4.4 percent, to 4.79 euros, erasing its loss on July 23. The bank, which was one of five Italian lenders that passed the stress test, will sell “non-strategic” assets in the second half of the year to improve its Tier 1 capital ratio, Chief Executive Officer Pierfrancesco Saviotti said in an interview with Il Sole 24 Ore newspaper. Intermonte SIM SpA upgraded the stock to “outperform” from “neutral.”
Intesa Sanpaolo SpA (ISP) surged 9.75 cents, or 4.1 percent, to 2.50 euros. “Intesa is the clear winner of the stress test,” Equita SIM SpA said in a note on Italian banks. The brokerage has a “hold” rating on Italy’s second-biggest lender.
STMicroelectronics NV (STM) fell 12 cents, or 1.9 percent, to 6.32 euros, extending losses of 4.6 percent on July 23. Kepler Capital Markets, which has a “reduce” rating on Europe’s largest semiconductor maker, said in a note that the “ST-Ericsson joint venture’s painful recovery could cap the shares in the short term.”
Natixis Securities downgraded the stock to “neutral” from “buy.”
Tod’s SpA (TOD) fell for the first time in five days, losing 1.30 euros, or 2.2 percent, to 59.03 euros. Natixis Securities, which has a “neutral” rating on the Italian luxury-goods maker known for its rubber-studded driving shoes, said in a note “multiples for Tod’s are in line with those of the sector, whereas its earnings-per-share growth outlook for 2009-12 is weaker than the average.”
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