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27% Intel capital expenditure cut pushes TASE south Wednesday morning

Teva is slipping in spite of UBS Warburg target hike

TASE indices are dipping early Wednesday on slim NIS 8 million turnover in spite of Nasdaq and Dow gains last night, and following Intel's announcement it would slash 27% of its capital expenditure, a slash due to affect chip manufacturers the world over.

The Maof-25 is opening down 0.92%, The TA-100 is losing 0.74% and the Tel Tech is down 0.24%.

Elco Holdings is maintaining its positive trend from yesterday and rising 0.7% on NIS 200,000 turnover. The share yesterday climbed 4.1% on news the company purchased giant French electronics manufacturer Brandt for $225 million. Elco will thus have a 90% stake in Brandt, whose sales in 2000 totaled $1.25 billion.

Matav is unchanged on low turnover after negotiations on its merger with Yes satellite TV were halted following the Communication Minister's demands and the approval provided by his ministry to launch fast Internet services beginning next month.

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Teva Pharmaceuticals (Nasdaq:TEVA), which opened with a negative 0.9% arbitrage gap is down 0.2% on NIS 1.5 million turnover, the highest on the floor. UBS Warburg yesterday reiterated a Strong Buy rating for the share, and hiked its target price to $80, 27% higher than its price on the Nasdaq.