After yesterday's euphoric leap for almost all Israeli stocks, trading was mixed today. The most impressive gain was registered by the Sensar Corporation (Nasdaq:SCII), which leaped 114.3% to $1.4, on a larger than usual turnover. Ever since last month when the company announced the scrapping of its merger with Net2Wireless, it had lost over 80% of its value. Sensar has so far provided no explanation for its skyrocketing shares.
Trade overall on Wall Street returned today to its well-worn pattern of a slow but steady decline. Nasdaq finished down 1.91% to 2,566.84 and the Dow Jones finished 0.3% off to 10,912 points.
But not all Israeli stocks succumbed to the market's mild mood. Two big-cap Israeli stocks experienced a more sobering reception today: Teva Pharmaceuticals (Nasdaq:TEVA) plunged 9.8%, and Mercury Interactive fell 13.5% to $81.6. It would appear that the plunge in Mercury's stock is the result of liquidation, after the stock yesterday soared 25%.
Another loser today was Gilat Satellite Networks (Nasdaq:GILTF), which took a 16.9% nose dive to $26.7, on a higher than usual turnover. The stock yesterday rose a record 24%, and after today's plunge has a market value of $667 million. Last year, the stock had visited valuations in excess of $4 billion.
A report released by Salomon Smith Barney investment house says that the recent weakness of the stock makes it a Buy opportunity. The stock price is now just 5% above its lowest point, which was registered yesterday.
Another Israeli taking a beating today was data push company BackWeb (Nasdaq:BWEB), its turnover registering was three times its usual rate. The stock finished down 25% to $4.1, reflecting a market cap of $150 million.
Israel's wireless companies are also feeling today's pinch, BreezeCom (Nasdaq:BRZE) lost 10.6%, and Floware Wireless Systems (Nasdaq:FLRE) dropped 7.3%. Ceragon Networks (Nasdaq:CRNT) today shed 6.5%.
Other stocks of note in today's trading include M-Systems (Nasdaq:FLSH), which shed 9.5% to $13.1 after announcing the launch of its new 16-MB disk-on-chip product. But Electric Fuel (Nasdaq:EFCX), managed to finish up 7.8% to $5.2, after announcing that it had received $1.3 million from the American Department of Transport. The money is to be used to finance the second phase of its electric bus project, which utilizes the company's own zinc batteries.