Most Israeli shares on Wall Street lost ground on Monday. The Nasdaq fell 0.66% to 2,643 points, while the Dow Jones rose 0.94% to 10,965.78 points.
(Nasdaq:VOCL) today announced that it is to sell its VoIP solutions to Italian-based Synergia 2000. The Italian company will use VocalTec's technology for its Internet telephony services. Despite the announcement, VocalTec shares fell 10.2% to $6, 88% short of their peak in March 2000, projecting a market value of $75 million.
(Nasdaq:BRZE) lost 8% to $13.7, which is 50% above its record low seen earlier this month. Several investment houses have published updated reports on the firm, taking a more conservative view than that provided by BeezeCOm and leaving its EPS and revenue forecasts for 2001 unchanged.
analysts Victor Halpert and Robin Nazarzadeh have reiterated their price target of $27 and their High Risk Buy rating for the firm, but have slashed their 2001 EPS from 48 cents to 47 cents.
forecasts that BeezeCOM's sales in the first quarter of 2001 will reach $31.4 million and that its annual sales for 2001 will only reach $135 million, which is 10% less than SSB's forecast.
Broadband solution-based communications firm Harmonic (Nasdaq:HLIT) lost 5.5% to $9.7 after announcing it is to lay off 100 workers or 10% of its workforce. The company expects that its staff dismissals will translate into a one-time expense in its first quarter of 2001. Harmonic's Q4 financial results released at the end of December of last year were in line with its profit warning. The company said that a delay in orders from several of its large customers had cut its income. It should be noted that the company has published three consecutive earnings warnings.
Before today's opening, RiT Technologies (Nasdaq: RITT) released its Q4 results for 2000. The firm's revenues jumped 68% to a record $12.5 million, compared to its parallel quarter in 1999. Net profit came to $1.5 million or 15 cents per share based on full dilution, beating analyst forecasts by one cent. The company also announced that its VP/CFO Eyal Bigon has resigned after five years in the company. He is to leave in February and will be replaced by Daniel Erdreich. RiT shares jumped 5.8% to $9.2. The shares are 50% short of their peak, but have added an aggregate of 27% in the past month.
Boston Scientific (NYSE:BSX) fell 4.3% on news released by Reuters that it is unlikely to buy out the Israeli firm Medinol even though the negotiations are at an advanced stage. Boston Scientific will release its fourth quarter results for 2000 tomorrow and its EPS for the quarter is expected to reach 23 cents. It will be interesting to see if the company makes an official announcement on its planned buyout.
Medis Technologies (Nasdaq:MDTL) plummeted 15.6% after announcing that it had signed a cooperation agreement with European electronic equipment maker Sagem. SimPlayer Sports (Nasdaq:SMPL) fell 20%, and
(Nasdaq:LVEL) lost 11.3%.