MILAN (Thomson Financial) - Share prices were lower at midday, tracking sharp losses on US and Asian markets, with Fastweb posting double-digit losses after going ex-dividend.
At 11.46 am, the Mibtel index was down 1.67 pct at 30,638 and the S&P/Mib dropped 1.75 pct to 39,189.
Fastweb dropped 13.14 pct to 34.70 eur after paying a dividend of 3.77 eur per share. Adjusted to the dividend payment the stock fell about 4.7 pct.
Credit Suisse also cut its target price to 32 eur from 36 eur and expressed doubt that the company will achieve its full-year guidance.
Eni fell 3.86 pct to 24.93 after paying an interim dividend of 0.6 eur per share. Adjusted to the dividend payment, the stock was down about 1.3 pct.
Exane BNP Paribas also cut cits forecast on Eni's 2007 net profit by 7 pct to 8.958 bln eur to reflect weakness expected in the third quarter.
Eni will disclose its quarterly figures on Oct 31.
Exane sees Eni's third-quarter net profit falling by 27 pct to 1.912 bln eur due to lower production, higher upstream costs, lower gas margins, a sharp drop in refining and petrochemical margins and higher taxes.
Exane rates Eni with an 'outperform' rating and a 30.0 eur target price.
Snam RG fell 2.59 pct to 4.43 after paying an interim dividend of 0.08 eur per share. Adjusted to the dividend payment, the stock was down about 1.0 pct.
Finmeccanica lost 2.10 pct to 20.04 after UBS cut its price target to 25 eur from 27 eur, but reiterated its 'buy' recommendation.
Bulgari was down 2.15 pct at 10.91 and Luxottica slipped 2.45 pct to 23.87 as dollar sensitive stocks suffer from the euro's rise against the US currency.
Fiat retreated 1.93 pct to 22.41 due to general weakness in the sector, dealers said.
UniCredit was down 1.92 pct at 5.67 and Intesa Sanpaolo fell 1.89 pct to 5.29 as banks continue to suffer from credit concerns.
Lottomatica fell 1.79 pct to 24.17 after Citigroup cut its target price to 29.2 eur from 33.7 and confirmed a 'buy' recommendation.
Prysmian was down 2.76 pct to 18.84 on profit-taking after recent gains, dealers said.
Indesit lost 2.83 pct to 11.87 after Electrolux released third-quarter results and said that its full-year outlook is now more uncertain because of the risk for further decline in the US appliance market, continued raw material cost increases and cost pressures on our European margins.
Saipem was down 0.20 pct at 29.63 but outperforming the market after the purchase of the Norwegian company Frigstad Discoverer and a target price upgrade by UBS to 34.5 eur from 32.0 eur.
Pirelli added 0.62 pct to 0.873as the Brazilian regulator Anatel is expected to clear tomorrow the sale of an 18 pct in Telecom Italia to Telefonica and a group of Italian investors.
Telecom Italia lost 0.60 pct 2.083.
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