Israeli stocks are trading mixed as prices drop and bargain hunters converge on Wall Street. The Nasdaq is up 1.2% and the Dow Jones is maintaining its upward level from yesterday rising 0.1%.
The Nice Systems (Nasdaq:NICE) share in New York has lost a shopping 32% to $12.7. The company announced the resignation of its Chairman Benny Levin as well as the dismissal of 20% of its workforce, or 220 employees. The firm is also correcting its financial report for 2000, slashing its revenue by $2.2 million.
RadView Software (Nasdaq:RDVW) has plummeted 9.4% after issuing a poor financial report, as well as a profit warning for 2001. RADVision (Nasdaq:RVSN), unlike Radview is up an impressive 7.8% after having declined four consecutive days.
Negative trends in the wireless communication sector are an important indicator for Israeli companies such as Vyyo (Nasdaq:VYYO) Netro (Nasdaq:NTRO) and Ceragon Network (Nasdaq:CRNT).
Of major interest will be companies which have posted their results for the Q4, among them Radview (Nasdaq:RDVW) , which opened today at $2, which reflects a mere $33 million market cap for the company. The company predicts it will have revenues of $13.5 million in 2001, which represents a 25% rise compared with last year. Radview's projected net loss however, will reach about $19 million, which is worse than its $11 million net loss in 2000.
Tecnomatix Technologies (Nasdaq:TCNO) posted its results today. The e-manufacturing solutions specialist ended the quarter with revenues of $21.7 million, down 9% from the comparable quarter last year and down 8% from the last quarter. Solomon Smith Barney forecast revenues of $20 million. Net losses for the company in Q4 came to $4.9 million, or 48 cents per share, as opposed to $4.7 million or 43 cents per share in the comparable quarter last year. The investment bank's forecast was a more pessimistic net loss of 55 cents per share.
Floware Wireless Systems (Nasdaq:FLRE) has jumped 12.3% to $10.2. Its Q4 results for 2000 showed a 50% growth rate as compared to Q3 of this year. This leads the company to believe its switch to profitability will take place by Q1 in 2002, following a balanced report in the end of 2001, which at the moment is still bright red.
Elbit Vision Systems (Nasdaq:EVSN.OB) has skyrocketed 48.6% on news of its split from the Elbit Group. Elbit is selling its Elbit Vision Systems shares (53.6%) in two stages. In the first stage, 2 million shares will be sold to Nir Alon, CEO of Altro Vienna GmbH, a textile manufacturer, for a dollar a share. The second sale will take place once Elbit meets certain financial requirements. At that point an additional 1.5 million shares, also at $1 a share will be sold, also to Nir Alon.