Terna (TRN.MI)

Terna's price has stretched to its highest point relative to its recent range.

What is going on right now?

The stock has been climbing fast and is sitting at the top end of where it's traded lately. Broader worries about government debt across Europe are also making headlines this week.

How is the business itself doing?

Terna runs Italy's electricity grid, earning steady fees for moving power around the country. Sales grew about 12% over the past year, but actual profit barely budged, up less than 1%. The company also carries notable borrowing, roughly 1.7 times its own equity.

What stands out?

Despite higher sales, Terna spent heavily: it burned through about 787 million euros more than it took in over the period.

What comes next?

Its next earnings report lands on November 12, the first chance to see whether that heavy spending is starting to pay off.