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Israeli stocks on Nasdaq are trading lower, led by heavyweight players Check Point Software Technologies (Nasdaq:CHKP) which has fallen 6.1% and Mercury Interactive (Nasdaq:MERQ) which has shed 5.3%. The Nasdaq has lost 3%, sinking below the dreaded 2500-point level.

In the two weeks since announcing excellent financial results, both Check Point and Mercury stocks have been volatile. Check Point has so far lost 20% and Mercury is even worse off, having fallen 25%.

Precise Software Solutions (Nasdaq:PRSE) has lost 7.3% to $22.9, following its huge 17% plunge yesterday. The losses are being attributed to investors trying to sell-off shares ahead of the end of the firm's February 15, 2001 lock-up period.

Other losers include Vyyo (Nasdaq: VYYO), which has dropped 6.3% to $10.4; and AudioCodes (Nasdaq:AUDC), which declined 8.7% to $20.4.

But its good news for Teva Pharmaceuticals (Nasdaq:TEVA) as it continues to recover from its recent slump. The stock has jumped 4.3% to $57.4, following its 7% gain yesterday. The share's upward motion is largely due to Teva's receipt of FDA approval for two of its generic drugs. The company is expected to release an excellent financial report in the next few days. Teva projects it will show a record quarterly income of $462.4 and an EPA of 38 cents, which is a 19% improvement over its fourth quarter in 1999.

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Comverse Technology (Nasdaq:CMVT) is also doing well, the stock has risen 4.7% to 107.3 and NUR Macroprinters (Nasdaq:NURM) has jumped 6.3% to $8.5.

Nice downgraded

Despite a downgrade, Nice Systems (Nasdaq:NICE) is trading up 7.5% to $14.3. That's after the stock yesterday fell 29.4% to $13.1. The collapse followed news of the firm's dismissal of 220 employees and the resignation of its chairman Benny Levin.

Goldman Sachs downgraded the stock from its Recommended list to a Market Perform. The investment house estimates Nice's 2001 income will reach $123 million compared to previous estimates of $191 million. Earnings estimates have also been dramatically reduced for 2001, Nice's earnings per share have been downgraded from $1.1, to a loss estimate of $1.18.

Solomon Smith Barney remain Neutral about Nice, but lowered its price target to $15. The investment house cut its 2000 income estimates from $166 million to $154 million. Income estimates for 2001 were cut from $191 million to $145 million. Analysts are estimating EPA losses of $1.16, compared to previous per share earning estimates of 80 cents.