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Israeli stocks lost ground as Nasdaq dropped 3.6%

Nice Systems climbed by more than 20%

Most Israeli stocks closed down as Nasdaq dipped 3.6% to 2754 points. Blue chips closed up 0.8%.

Nice Systems (Nasdaq:NICE) stood out with a 21% gain to $27.8. Rumors of a possible merger with Comverse Infosys are still unchallenged. The stock started its ascent only in the second half of the day.

Orckit Communications (Nasdaq:ORCT) gained 12.9% to $3 a share in anticipation of its Q4 report. The company beat income expectations for the first time ever. Q4 revenue amounted to $48.1 million, 31% over the corresponding quarter of 1999 and 7% over expectations.

Tioga Technologies (Nasdaq:TIGA) lost 11.7% to $2.7 after gaining 92% over the last two days.

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RadView Software (Nasdaq:RDVW), which started the day with slight losses, ended down 11.2% to $1.7 a share. At some stage the stock took a nosedive, losing 25%, but recovered towards the end. The company is expecting to release financial figures on February 7.

Netro (Nasdaq:NTRO) caved in as investors anticipated today's report. The stock closed down 11.3% to $7.7. The wireless communication company had released an earnings warning in December, saying income will amount to $20 million to $22 million only, 30% below expectations. The backdrop of the warning is Lucent's order deferral. Lucent is responsible for 85% of Netro's sales.

Harmonic (Nasdaq:HLIT) took a 16.5% tumble to $9.1 a share, after trading down over 20% during the session. The company handed in its financial figures yesterday after the bell. Income for the fourth quarter was $52 million, 24% less than previous quarter and 18% down from the same quarter of 1999. The company did in fact warn markets that losses would more than double expectations.

Precise Software Solutions (Nasdaq:PRSE) gained 7% to $24.8 after reporting earnings yesterday, and wireless communication company Vyyo (Nasdaq: VYYO) that lost 11.8% to $10.3.