This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Commtouch closing its Israeli R&D center, say sources near company

CommTouch Software (Nasdaq:CTCH) (CTCH) has only 15 employees left at its Israeli R&D center after dismissing another 40 today, has learned. No comment could be obtained from the company, however.

Netanya-based Commtouch, which provides hosted messaging and collaboration solutions to service providers, employs about 50 more people outside Israel.

A report on Israel radio claims that Commtouch also dismissed some of its staff abroad, terminating about 70 jobs all told. If accurate, that would leave it a worldwide staff of about 25 to 30 people.

Sources near the company say it intends to shut down its R&D operations altogether, which insofar as is known are conducted solely in Israel. Meanwhile the company will focus on marketing and sales in the United States.

At its peak Commtouch had 500 employees. This year it has terminated 400 jobs in three waves, the last in August.

Its second-quarter results, published in August, show that it had about $9.7 million cash left at the end of the quarter.

Its second-quarter revenues slid 14% from the corresponding three months of 2000 to $4.4 million, still almost 9% more than achieved in the previous quarter. It lost a net $8.5 million in the second quarter, 21% more than in the corresponding quarter and 10% more than in the first quarter of 2001.

Commtouch stock, traded on Wall Street, has eroded to 42 cents, from its all-time record of $60.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
CTCH $3.68 -1.34%
AAPL $93.10 -0.56%
FB $117.87 -0.16%
GOOG $701.92 0.89%
TSLA $213.94 -3.90%


Chart of I:DJI
DOW 17,650.65 -0.61 -0.00%
S&P 500 2,049.81 -1.31 -0.06%
NASDAQ 4,720.7820 -4.8570 -0.10%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs