Israeli stocks closed mixed with a positive bias as Nasdaq rallied from morning losses to close 2% up to 2,837 points. Blue chips index rose 0.4% despite the dismissal of 26,000 employees at DaimlerChrysler AG (Nasdaq:DCX).
Orckit Communications (Nasdaq:ORCT) leaped 26% to $3.9, completing a 60% rise since the company posted its Q4 results last Thursday. Though Orckit surpassed analysts' reports, Piper Jaffray still lowered its revenue forecast for the year 2001, in light of a weakening access market. These fears fail to deter investors in the share, which traded at prices 96% away from its peak price.
Tioga Technologies (Nasdaq:TIGA), Orckit's spin-off, added 2.3% to $2.7 on the heels of the Kaufman Brothers upgrade of the share from Hold to Accumulate. The upgrade followed news of communication giant Cisco Systems (Nasdaq:CSCO) incorporation of Tioga chips into its future products. This is Tioga's second design win, after the one it had with Orckit.
Electronics for Imaging (Nasdaq:EFII) rose 22.6% to $21.2 on turnover six times its daily average, also on the heels of positive analysts recommendations. The printers manufacturer reported a profit of 17 cents per share in the fourth quarter, beating forecasts of 6 cents per share made earlier by Solomon Smith Barney.
Nice Systems (Nasdaq:NICE) lost 6.5% to $23.3. Nice was volatile last week, trading at high volumes on speculation of its possible merger with the Comverse Infosys division of Comverse Technologies (Nasdaq:CMVT). Nice has gained 35% rise in the last week, despite its 9% drop on Friday.
Also on the rise were other wireless communication companies, whose sector thrived today. The Netro Corporation (Nasdaq:NTRO) share tacked on 9.7% to $8.5. The rise was surprising in light of the disappointing quarterly reports the company posted last week, and its predictions of losses in 2001. BreezeCOM (Nasdaq:BRZE) added 6.7% to $15, and Vyyo (Nasdaq:VYYO) rose by 9.6% to $11.5.
The party was not on for Ceragon Network (Nasdaq:CRNT), which lost 8.8% to $16.8, in spite of positive results posted last Thursday. The company reports record revenues of $12.3 million, up 48% from the comparable quarter last year.
Check Point software (Nasdaq:CHKP) added 6.8% to $165.8, RadView Software (Nasdaq:RDVW) climbed 7.3% to $1.6 and Lanoptics (Nasdaq:LNOP) gained 7.1% to $11.8.