Israeli shares on Wall Street are losing ground overall, as leading indices have opened to mixed trading. The Nasdaq has shed 0.9%, while the Dow Jones has risen 0.4%.
Investors are said to be waiting for the fourth quarter financial results of
(Nasdaq:CSCO), which are due after closing tomorrow. The company is expected to post an EPS of 19 cents.
Broadband solution-based communications firm Harmonic (Nasdaq:HLIT), has plummeted 9.1% to $9.3 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, which 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.
(Nasdaq:RDWR) is also to release its Q4 results after today's market close. At the end of December, the company announced that it would meet analyst forecasts for the quarter. RADWare's declaration followed a profit warning for Q1 of 2001 by its greatest rival, F5 Networks (Nasdaq:FFIV). It is believed that RADWare's ESP for its fourth quarter will come to 10 cents and that its ESP for 2000 will come to 32 cents. At present, RADWare shares are up 1.2% to $21.3.
Before today's opening, RiT Technologies (Nasdaq: RITT) released its Q4 results for 2000. The firm's revenues jumped 68% to a $12.5 million, compared to its parallel quarter in 1999. Net profit totaled $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 are trading up 0.7% to $8.7.