QUARTERLY: FINMECCANICA AND TELECOM SHINE
GREAT MANEUVERS IN THE TRONCHETTI GALAXY
After a shaky start, Piazza Affari falls back: the FtseMib index falls by 0,57% to 15.107. The other European Stock Exchanges are also weak: London -0,32%, Paris falls by 0,12%, Frankfurt -0,78% is worse.
In Europe, uncertainty about the rescue of Athens continues to dominate the scene. The euro remains below 1,28 against the dollar.
Back to contract Italian industrial production. According to data released by Istat, in September it marked a cyclical fall of 1,5% after the +1,7% in August.
The spread rises above 370 basis points, the highest since last October 11th. At the same time, the yield on the Italian ten-year bond stands at 5,06%, from 5,02% at the last closing.
No effect from positive news from China: Chinese industrial production grew in October by 9,6% on an annual basis (against +9,2% in September). The consumer price index brakes at +1,7% (against +1,9% in September).
At Piazza Affari the morning was dominated by quarterly reports.
Telecom Italia shines, up 3,75% after the announcement of third quarter results: profit was slightly better than analysts' expectations.
Finmeccanica follows closely: + 3,45% after the results that sanction the return of the company to profit. Also the subsidiary Ansaldo Breda has been awarded a 300 million dollar contract for the construction of the subway in Miami.
Generali it falls by 0,56% after results in line with forecasts.
Autogrill's decline continues -2,8%: after the results announced yesterday, Cheuvreux cut the rating to underperform from outperform and confirmed the target price at 8,5 euros. Exane has cut the target price to 8,2 euros and reiterates its neutral opinion.
Geox loses 5,4%: the results were lower than expected. Yesterday, the footwear and apparel group announced that it had closed the 9 months with revenues down 9% to 701,5 million and an operating result of 59 million, equal to 8,4% of revenues, against 103,2 million in the same period of 2011 (13,4% of revenues). Net income fell 43% to 36 million from 63,2 million.
The EU proposal for incentives for the auto sector +1,26% is good for Fiat.
Pirelli +0,76%: Morgan Stanley He said he expects management to announce a slight lowering of revenue estimates on Monday with the quarter's data. Nonetheless, it confirms the overweight recommendation and the target price of 12 euros. Camfin explodes +5,58% in the wake of the rumors of the Republic: the Belgian billionaire Albert Frères would be willing to replace the Malacalzas in the chain of control of the Tronchetti Provera galaxy. The operation could envisage the entry of Frères into Mtp sapa and the launch of a takeover bid on Camfin. Not only. Marco Tronchetti Provera's top management should be replaced after three years. Together with the probable hostility of the Malacalza family, this seems to be the most problematic aspect of the plan devised by the investment banks.
Meanwhile, the match for Massimo Caputi's Feidos to join Prelios +0,24% seems to have reached the final bars. In the coming days, there will be the signing of a memorandum of understanding which fixes the final terms of the agreement; Feidos has the exclusive until November 12 to define his proposal
