Teva Pharmaceuticals (Nasdaq:TEVA) lost 1.6% on turnover of NIS 19.3 million, the second highest on the floor. The drop was due to a negative 0.9% opening arbitrage gap. Teva Thursday reported final FDA approval for its Metformin 500 and 850 mg tablets, the generic version of Bristol Myers type 2 diabetes treatment drug Glucophage. The market value of both size tablets is estimated at $1.1 billion.
Partner Communications (Nasdaq:PTNR) closed down 2.5% on NIS 4.8 million turnover after opening with a negative 0.5% arbitrage gap this morning, and a Hold rating from Gmul Sahar analyst David Yogev who says investing in the share is risky. He set its target price at NIS 27.6, 3% lower than its market price.
Gmul shed 2.7% after today reporting it converted a loan to real estate firm Nitsba into 7.5% of its shares. The move will lead to a NIS 27 million amortization for Gmul, whose profit in the first nine months of 2001 came to NIS 47.8 million.
Koor Industries (NYSE:KOR) lost 3.3% on NIS 3.6 million turnover after having Thursday risen 4.1% on unusual NIS 20 million turnover. Market estimates are foreign investors have gathered the shares together lately, after they opened with a negative 3.7% arbitrage gap.
Its subsidiary Makhteshim Agan shed a mere 0.9%.
IDB group shares were also on a southbound trek today. IDB Holdings shed 1.9%, IDB Development lost a similar 2%, Discount Investment Corporation plunged 3.95 and Clal Industries closed down 2%.
Elron (Nasdaq:ELRN) lost 2.5% in spite of a Buy rating from Ilanot Batucha analysts this morning. Analysts Ran Israeli estimates Elron is traded at a 23% discount and that the merger between the company and Elbit (Nasdaq:ELBT) will help investors value the company more accurately.
One share to have bucked the overall trend was Nice Systems (Nasdaq:NICE), which gained a slight 0.9%.