Slight drops for TASE Sunday morning - TheStreet

Slight drops for TASE Sunday morning

Teva slipping in spite of FDA approval of Metformin
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Mild 0.1% drops are posted this morning by the leading TASE indices on slim NIS 9 million turnover, in spite of a bullish Nasdaq and Dow weekend trading.

Nasdaq-traded Israeli shares were on the rise, but are opening this morning mixed.

The Maof-25 is now dropping 0.16%, The TA-100 is slipping 0.11% and the Tel Tech is bucking the trend with a 0.22% climb.

Teva Pharmaceuticals (Nasdaq:TEVA) is slipping 0.6% on the highest turnover on the floor of NIS 3 million, due to a negative 0.9% opening arbitrage gap. Teva Thursday reported final FDA approval for its Metformin 500 and 850 mg tablets, the generic version of Bristol Myers type 2 diabetes treatment drug Glucophage. The market value of both size tablets is estimated at $1.1 billion

Partner Communications (Nasdaq:PTNR) is down 0.5% after opening with a negative 0.5% arbitrage gap this morning, and a Hold rating from Gmul Sahar analyst David Yogev who says investing in the share is risky. He sets its target price at NIS 27.6, 3% lower than its market price.

Gmul is unchanged, after today the company reported it converted a loan to real estate firm Nitsba with 7.5% of its shares. The move will lead to 1 NIS 27 million amortization for Gmul, whose profit in the first nine months of 2001 came to NIS 47.8 million.