Tel Aviv stocks are up 1% at the opening of the Thursday session. The gains are attributed to 1% gains on Nasdaq on Wednesday, and to optimism about the recovery of the American economy.

The Maof-25 index of blue chips is rising 1% to 450 points, the TA-100 index is up 0.9% to 433.5 points. Technology shares are up 0.3%. Total turnover is paper-thin at NIS 12 million.

Bank Hapoalim is up 0.9%. The rise is attributed to the appointment of Eli Yones as CEO, in place of outgoing Amiram Sivan. The share slumped slightly recently due to uncertainty concerning Sivan's retirement and slated replacement.

Phone company Bezeq is climbing 1.2% on estimates that France Telecom (NYSE:FTE) and Deutsche Telekom (NYSE:DT) may bid for the control in the state-owned company.

TheStreet Recommends

Tower Semiconductor (Nasdaq:TSEM) is down 0.6%. The company posted $8.8 million revenue for Q4, compared with $29.2 million for the parallel reporting period, and $9.9 million in Q3 2001. Net loss came to $9.3 million in Q4, and loss per share came to 41 cents, compared with the forecast loss per share of 39 cents. In the Q4 2000 profit came to $400,000, and EPS was 3 cents.

Formula Systems (Nasdaq:FORTY) is up 3.8%. It is estimated that the company plans a NIS 200 million bond offering. Chairman and CEO Dan Goldstein is expected to acquire 10% of shareholders equity from Shamrock for NIS 62 million. With this acquisition, Goldstein will once again become the major shareholder in Formula.

Teva Pharmaceuticals (Nasdaq:TEVA) is up 0.5%. Nice Systems (Nasdaq:NICE) is rising 0.8%. Partner Communications (Nasdaq, TASE:PTNR, LSE:PCCD) is climbing 1.4%.