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Cheapest U.S.-Traded Israeli Stocks

And I'm not the only one to think Check Point is cheap. It makes its way onto Stockerblog's list of cheap security software stocks and is also on the portfolio of Citigroup's Buyout Candidates, a list of companies the bank's research team believes would be attractive takeovers.

Generic pharmaceutical maker Teva Pharmaceutical (TEVA) is also on the list with a P/E of just 9. Teva on Monday won a case against Novartis (NVS), which was trying to prevent Teva from selling a generic version of Lotrel, a blood pressure drug.

Syneron Medical (ELOS) is a company squarely situated in one of the best demographic trends to hit the investment world: Their RFID treatments are used for wrinkle removal, hair removal and varicose vein treatment. The company has a forward P/E of just 13 and an excellent balance sheet with $125 million in cash and zero debt.

Super investor Seth Klarman, author of the book Margin of Safety (which sells on Amazon for over $800), owns shares of Syneron. For Klarman's full portfolio, check out the Seth Klarman portfolio at Stockpickr.

Other interesting Israel picks include:

Magal Security Systems (MAGS), which also appears in the Homeland Security portfolio.

Answers (ANSW), which recently appeared on Barron's list of Internet content players that might be possible takeover candidates. Answers also has been mentioned by Mark Cuban as one of his holdings.

For the full list of cheap or interesting Israel picks check out The First Israel Fund and the portfolio of cheapest members of the Nasdaq Israel Index.

At the time of publication, Altucher and/or his fund held no positions in any of the stocks mentioned, although positions may change at any time.

James Altucher is president of Stockpickr LLC, a wholly owned subsidiary of TheStreet.com and part of its network of Web properties, and a managing partner at Formula Capital, an alternative asset management firm that runs several quantitative-based hedge funds as well as a fund of hedge funds. He is also the author of Trade Like a Hedge Fund and Trade Like Warren Buffett. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. Altucher appreciates your feedback; click here to send him an email.

TheStreet.com has a revenue-sharing relationship with Trader's Library under which it receives a portion of the revenue from purchases by customers directed there from TheStreet.com.

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