Israeli stocks are trading down as the Nasdaq opens up 1.5%. That comes as a welcome relief to investors who saw the Nasdaq plummet 6.3% yesterday. The Dow Jones has opened up 0.2%.
But it's bad news for Israeli stock M-Systems Flash Disk Pioneers (Nasdaq:FLSH), which has tumbled 18% to $6.1. The company released its first quarter forecast for 2001 before the start of today's trading session, estimating a loss per share of 8$cent;, and upsetting predictions of a balanced report.
The company forecasts $15 million in revenues for its first quarter of 2001, which is 25% less than earlier projections, and represents a substantial drop compared to fourth quarter revenues in 2000, which reached $29.4 million.
Other losers include Nexus Telocation Systems (Nasdaq:NXUS), which has fallen 23.1%, and Orckit (Nasdaq:ORCT), which has dropped 8.5%.