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Investor Channel is the communication channel between Pirelli and the financial community. Analysts, shareholders and web users can use the channel for direct dialogue with the Group. The blog is moderated by Pirelli Investor Relations.

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PEERS & MARKETS

Main European Stock Exchanges were mixed in the week from 17 to 21 September 2012 (Milan -3.8%, London -1.1%, Frankfurt +0.5%, -1.4% Paris, Madrid +0.9%). Market Performances were affected by fears of a slowdown in the global economy following weak macroeconomic data: PMI Manufacturing index resulted worse than expected in Europe (42.6 vs. 46.4E) and forecast in decline in China, US jobless claims in September higher than expected.

The Auto & Parts sector was down due to negative car registrations figures in Europe (-8.5% in August) and worsening of tensions between China and Japan. Among the major downside: Fiat Auto (-7.6%), Peugeot (-7.7%) BMW (-3.6%).

Pirelli closed at € 8,945, down by 4.5% with an average daily trading volume of 2.5 million units. Peers trend was mixed with Nokian and Michelin down by 7.6% and 1.2% respectively while Continental was flat as regards inclusion in the blue chip index Dax. The outperformance of Pirelli in the last months (+37.5% YTD) led CITI to take a more cautious view on the stock (Neutral from Buy, TP € 10.5 to € 10): according to the broker, space of upside for the stock is limited since market expectations are already including company’s targets.

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