Italy's securities regulator has imposed a two-day ban on short selling of Saipem SpA (SPM.MI) shares after Europe's biggest oil services company issued a profit warning for the second time this year.
Italy
's
securities regulator has imposed a two-day ban on short selling of Saipem SpA
(SPM.MI) shares after
Europe
's biggest oil services
company issued a profit warning for the second time this year.
At 1035 GMT, Saipem shares plunged 25% to EUR14.92, even as
Italy
's
benchmark FTSE Mib Index gained 0.5%. Consob, the Italian market regulator,
said the ban on short selling would last through Tuesday.
Late Friday, Saipem surprised investors with its second profit warning this
year, citing worsening operations in
Algeria
,
where the company is the focus of a corruption investigation. Saipem, which is
43%-owned by Eni SpA (E), denies any wrongdoing.
The Milan-based company also said it was having trouble with subcontracts for a
project in
Canada
and
one in
Mexico
.
Saipem said it now expects a 2013 net loss of between 300 million euros ($400
million) and EUR350 million on earnings before interest and tax, or EBIT, of
between EUR650 million and EUR750 million.
The company had forecast a 2013 net profit of about EUR450 million and EBIT of
EUR750 million.
In January, Saipem shares lost more than a third after the first profit
warning, which followed months of optimistic assurances from top management.
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