Tel Aviv shares are losing ground on Monday at mid-morning.
The Maof-25 index of blue chips is losing 0.77% to 473.09 points and the TA-100 index is off 0.4% to 460.54 points. The Tel-Tech technology index is down 0.52%. Total turnover is razor-thin at NIS 29 million. Tamir Fishman investments manager David Levy says that the gains on Sunday and Thursday were generated by hope that Prime Minister-elect Ariel Sharon will form a national unity government with the Labor Party. Levy believes that Sharon's negotiations with Labor leader Ehud Barak encouraged foreign investors, who have been worrying that the veteran hawk would opt for a narrow right-wing coalition. The talks also lowered the standard deviation on options on the Maof-25 index.
Onto the floor: Nice Systems (Nasdaq:NICE) is losing 2.7% after starting on a negative arbitrage gap of 6%. Nice stock has been slipping since last week, when the company released a profit warning for the fourth quarter of 2000 and for the first quarter of 2001. The profit warning led to downgrades by investment houses Goldman Sachs, Salomon Smith Barney, CIBC Oppenheimer, and Union Bank of Israel.
Teva Pharmaceuticals (Nasdaq:TEVA) is off 0.4% on turnover of NIS 3.6 million, the session's highest turnover so far. Yesterday Teva jumped 9.3%. The company is expected to continue drawing attention ahead of the release of its Q4 statement on Thursday.
Teva has been in the limelight as of February 7, when the company announced approval from the Food and Drugs Administration to market Nifedipine 30 milligram tablets for the treatment of hypertension and angina, and Etodolac 400 milligram tablets, an anti-inflammatory drug used in the treatment of arthritis. Last week Teva also received a Buy rating from
, which set it a price target of $70.
Koor Industries (NYSE:KOR) is down 1.5% on a negative arbitrage gap of 3.9%, and Tower Semiconductors (Nasdaq:TSEM) is losing 2.5% on a negative arbitrage gap of 1.2%. But Delta Galil Industries (Nasdaq:DELT) is climbing 0.5%.
Supersol (NYSE:SAE)is adding 0.35%. C. Mer is skipping 5.5% on announcing that it has finalized its acquisition of TMCS from ECI (Nasdaq:ECIL).