Intesa Sanpaolo CEO says bank ready to propose a share buyback by end of the year
Carlo Messina, CEO of Intesa Sanpaolo, discusses third-quarter earnings with CNBC.
Telecom Italia down after approving fixed-line network sale to KKR
Telecom Italia shares were 1.8% lower at 11 a.m. London time after the company approved an offer for its fixed-line network from private equity firm KKR, valuing the key piece of Italian infrastructure at 18.8 billion euros ($20.2 billion).
The sale of the landline grid — which needs significant upgrades — has been a main aim of the firm as it seeks to reduce its hefty debt pile.
It is expected to close in the summer of 2024.
The Italian Treasury will spend up to 2.2 billion euros to take a 20% stake in the network alongside KKR, Reuters reported.
Leading Telecom Italia shareholder Vivendi released a statement saying it “deeply regrets” the sale terms, which were approved by the board without a shareholder vote. It called the move “illegal” and said it would challenge it.
Telecom Italia share price.
Ryanair up 5% on profit forecast, dividend announcement
A Ryanair Boeing 737 MAX 8 aircraft as seen flying, landing and taxiing at Eindhoven Airport EIN.
Nicolas Economou | Nurphoto | Getty Images
Dublin-listed shares of Ryanair rose 5.2% in early trade after the low-cost airline said it expected full-year profits of between 1.85 billion euros ($1.9 billion) and 2.05 billion euros, which would represent an all-time high.
The company also announced it would begin regular dividend payments for the first time as it moves past pandemic financial challenges, with 400 million euros to be distributed through 2024.
Ryanair said record summer passenger numbers and prices hikes had offset higher fuel costs in the first half, as it reported a rise in post-tax profit to 2.18 billion euros from 1.37 billion euros in the first half of the financial year.
It expects “modest losses” in the second-half winter period.
The business swung to a post-tax profit of 1.31 billion euros for the full-year ending March 31, after two years of hefty annual losses.
Ryanair share price.
CNBC Pro: Growth investor is underweight the Magnificent Seven, but likes one tech giant
The “Magnificent Seven” stocks — Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia and Tesla — have proved popular this year, but one growth investor says he is underweight the group.
“The Magnificent has done well and are poised to continue to do well because they have [a] fortress-like balance sheets and they’re highly profitable. They used the past two years post Covid to get more efficient, but they also have tremendous opportunities ahead in terms of artificial intelligence,” Jonathan Curtis told CNBC’s “” on Friday.
However, he said investors needed to be a “little bit more curious and more cautious” on the tech mega-caps — and revealed his favorite with “tremendous growth potential.”
CNBC Pro subscribers can read more here.
— Amala Balakrishner
CNBC Pro: Citi is bullish about one part of the semiconductor industry. Here are its top stock picks
An upturn in a corner of the semiconductor industry began in the second half of this year, according to Citi.
The jump in September’s monthly semiconductor sales beat Citi’s estimates. It was up 13% month on month to $49.6 billion, higher than the bank’s estimates of $46.9 billion, the bank said.
CNBC takes a look at five of its top stock picks.
Subscribers can read more here.
— Weizhen Tan
European markets: Here are the opening calls
European markets are expected to open in mixed territory Monday.
The U.K.’s FTSE 100 index is expected to open 13 points higher at 7,414, Germany’s DAX up 6 points at 15,192, France’s CAC own 7 points at 7,043 and Italy’s FTSE MIB down 12 points at 28,550, according to data from IG.
Earnings are set to come from Ryanair on Monday. There are no major data releases.
— Holly Ellyatt