Warm bags in the middle of the day. In the last session of the week, Piazza Affari fluctuates, slowing down after a promising start: around noon, the Ftse Mib is around 21.700 points, fluctuating slightly above and below parity. Evil Pirelli, Unipol and Leonardo. Bounce for Salvatore Ferragamo, penalized yesterday by a recommendation from Jefferies, and for Saipem. Fractional increases on European lists with London +0,8%, Paris +0,16%, Frankfurt +0,28%.
The accounts of Fiat Chrysler are in charge, arriving at lunchtime: on Thursday the stock closed in the red after the disappointing data on registrations both in America and in Italy, today FCA raises its head by surpassing the gains of the Ftse Mib around 13,6 euros per share. The consensus forecasts negative accounts in the first quarter of this year, with revenues and profit declining (above all profit, by 55%), but on the other optimism remains on the 2019 guidance. "As bad as FCA's first quarter may be, we expect confirmation of the guidelines for the end of the year, as anticipated by management during the shareholders' meeting on April 12", commented the Equita analysts, who nonetheless continue to recommend prudence on car manufacturer shares, ie 'Hold' with a price target of 16,1 euros.
At the end of the meeting, CEO Mike Manley declared: "I am confident that we will successfully achieve the objectives of our guidance for this year". The manager, in particular, had stressed that he expected operating performance to exceed the record results of 2018. Meanwhile, on Thursday the company finalized the sale of Magneti Marelli, collecting 5,8 billion euros, a little less than initially indicated at 6,2 billion euros. The company will distribute a super coupon of 2 billion euro, "which will support the share's performance in the short term", commented the Equita experts.
The Ftse Mib is kept up by Ferragamo, Amplifon, Diasorin and Saipem, while the worst stock is that of Tenaris down 1,4% after publication of accounts in the first quarter: net profit rises by 3%, but on the other hand revenues remain stable at 1,87 billion, and Ebitda grows less than expected at 10%. A call is scheduled for 15 pm from which further details on the prospects for the year could emerge.
The banks first resist then they go down: Unicredit, Intesa Sanpaolo, Banco Bpm shortly after noon lose about half a percentage point. Pounce instead MPS (+1,7% below session maximums) on press rumors according to which the bank is willing to sell a package of UTPs with a nominal value between 7 and 8 billion.
Spread Btp Bund stable above 250 basis points, with the 2,56-year BTP up slightly to XNUMX%. Lose something Petroleum, with Brent at 70 dollars a barrel and Wti just above 61. Outside the FtseMib it shines Safilo that rises by 4,8%. The euro depreciates against the US dollar, to 1.115425. Stable gold at 1,270 dollars a barrel.
