Dear Brian,
I haven't heard any news about GUCCI, not even here in Italy, don't know how to judge it. The yen is getting stronger and also the US$, so this is positive for many European companies exporting in these areas; GUCCI is still in its trading range low-sixties mid seventees, its volatility is strong, but fundamentally it has not moved that much. I hope there are not company specific problems.
Another explanation, IMHO: Every time the domestic Italian market is strong, it did + 30% in the last six months, generally the international and also national investors seem to prefer to buy directly in Milan, instead of the ADRs of the companies listed at NYSE (as NTZ, LUX, FLA...); while the ADRs of the Italian companies are strong when the Italian domestic market and general outlook for Italy is weak or down. Seems a weird and superficial explanation, but I have been noticing this for the last several years.
sergio |
