Israeli shares suffered thin trading, joining Wall Street's sluggish turnover on Thursday. Fears of an impending recession in the US economy and weak reports by several major US firms are fuelling the stock slow down. The Nasdaq closed down 1.75%.
Nice Systems (Nasdaq:NICE) shares in New York lost a whopping 29.4% to $13.1. 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 to correct its financial report for 2000, slashing its revenue by $2.2 million.
Precise Software Solutions (Nasdaq:PRSE) also took a fall today, closing down 17.1% to $24, with a market cap of $610 million. Its turnover was higher than the usual, indicating that investors may have been reaping gains on the share prior to the end of its lock up period on February 15.
Teva Pharmaceuticals (Nasdaq:TEVA) shone today with a 7.1% gain to $55, on news of an FDA marketing permit for two of its new drugs: the Nifedipine XL in 30 mg tablets and the Etodolac in 400 mg tablets. But the share has lost 26% of its value since the beginning of the year.
RadView Software (Nasdaq:RDVW) plummeted 7.8% to $1.8 after issuing a poor financial report, as well as a profit warning for 2001. It now has a market cap of only $30 million.
Floware Wireless Systems (Nasdaq:FLRE) rose 5.5% to $9.6. Its Q4 results for 2000 showed a 50% growth rate as compared to Q3 of the same year. The company believes it will reach profitability by Q1 in 2002, assuming it achieves a balanced report in the end of 2001, which at the moment is still bright red.
Terayon Communication Systems (Nasdaq:TERN) closed up 9.3% to $5.5, completing a 15.4% drop since the first of this month. RADVision (Nasdaq:RVSN) jumped 9.9% to $11. Elbit Vision Systems (Nasdaq:EVSN.OB) skyrocketed 37.8% to $10.9 on news of sales of 53% of its holdings to Nir Alon, the CEO of textile manufacturer Altro Vienna GmbH.